27th Feb 2015 09:19
LONDON (Alliance News) - Custodian REIT PLC on Friday said it has acquired a four-storey office building in Glasgow city centre for GBP2.5 million.
The property is currently let to four tenants with a total rental income of GBP222,008, reflecting a net initial yield on the purchase of 8.5%.
"The property benefits from open-plan, 3,500-3,800 square foot floor plates that are a good fit with current occupational demand and we believe the property should benefit from rental growth over the medium term," said Richard Shepherd-Cross, Managing Director of Custodian Capital Ltd, the external fund manager of the property investor.
Shares in Custodian REIT were untraded on Friday morning, having last traded at 106.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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