26th Mar 2014 12:31
LONDON (Alliance News) - Mattioli Woods PLC Wednesday said its Custodian Capital Ltd subsidiary has been appointed the discretionary investment manager of Custodian REIT PLC, a newly incorporated closed-ended property investment company.
Custodian REIT listed in London Wednesday. It has acquired an initial portfolio of 48 properties valued at over GBP95 million and said will use the GBP55 million of funds raised in its initial public offering to invest in a diversified portfolio of commercial real estate opportunities.
Custodian REIT will target an annualised dividend yield, payable quarterly, of 5.25% for the financial year ending March 31, 2015, and 6.25% thereafter, by reference to the issue price.
"The appointment of Custodian Capital as the manager of Custodian REIT is a significant milestone for Mattioli Woods, marking the next phase in the development our business," Chief Executive Ian Mattioli said in a statement.
Mattioli Woods shares were up 2.1% at 445 pence Thursday, just below the 445.825 pence all-time high the stock hit February 3.
By Steve McGrath; [email protected]; @SteveMcGrath1
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