9th Jan 2024 14:16
Custodian Property Income REIT PLC - Leicester, England-based real estate investment trust focused on smaller, regional properties - Sells 16,869 square foot office asset in Derby, England, for GBP2.1 million. Notes that the sale is 36% ahead of its valuation at September 30.
Managing Director Richard Shepherd-Cross says: "This office was acquired as part of the company’s IPO portfolio in 2014 and has provided the company with a healthy level of income over nine years of ownership. Given limited opportunities for further rental growth and in line with our strategy, we felt that now is the right time to sell. We expect to use the sale proceeds to repay variable rate debt and fund accretive improvements in the remaining portfolio, both of which we believe will better support the strategy of providing our shareholders with strong income returns."
Current stock price: 87.10 pence each
12-month change: down 5.2%
By Harvey Dorset, Alliance News reporter
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