18th Jul 2014 08:33
LONDON (Alliance News) - Custodian REIT PLC Friday said it has acquired the freehold interest of a public house in High Wycombe for GBP1.6 million, funded through its existing credit facilities.
The company did not same the seller, but said the property is let to Stonegate Pub Company Ltd, trading as Yates's Wine Lodge, on a 999 year lease.
The current passing rent is GBP115,000 a year, reflecting a net initial yield of 6.69%.
The deal follows Custodian's recent acquisition of eight high-street retail units and one trade counter unit, including six freeholds and three long-leasehold titles, for GBP17.4 million on Wednesday. This latest acquisition brings the total funds invested following Custodian's initial public offering in March to GBP36.3 million.
Custodian REIT shares were quoted up 0.5% at 110.00 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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