20th Mar 2015 08:55
LONDON (Alliance News) - Custodian REIT PLC on Friday said it has acquired two industrial units in Leeds for GBP2.4 million.
The property investment company said the two units are let to Nationwide Crash Repair Centres Ltd and Sovereign Air Movement Ltd on leases expiring in 2020 and 2021, respectively. The total passing rent is GBP187,500 per year, reflecting a net initial yield on the purchase of 7.51%.
"In this increasingly competitive market, we are very pleased to have made another strong addition to the industrial sector of the portfolio. The property is centrally located adjacent to the Leeds ring road. There is a severe shortage of quality industrial units in the city which will result in minimal re-letting voids and future rental growth," said Richard Shepherd-Cross, Managing Director of Custodian Capital Ltd, the external fund manager of Custodian REIT.
Custodian shares were up 0.5% to 108.5 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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