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Custodian REIT sells Edinburgh property in search for better prospects

The city centre office and retail unit was bought as part of a larger portfolio in 2016

Custodian REIT - Custodian REIT sells Edinburgh property in search for better prospects
Edinburgh's Royal Mile

Custodian REIT PLC (LON:CREI) has sold an Edinburgh city centre office and retail unit for £9.1mln.

The 39,279 sq ft unit was bought as part of a portfolio of properties in 2016 and after completing a refurbishment and other initiatives, the trust’s external fund manager, Custodian Capital, perceived “limited opportunities for future rental growth”.

Richard Shepherd-Cross, Custodian Capital's managing director, said his team believed the disposal proceeds “can be redeployed on property with better income and capital growth prospects”.

Following the disposal, Custodian REIT's net gearing decreased to 21.1%.

At the end of June, the company’s overall portfolio was valued at £568mln with a net asset value per share of 106.0p.

Quick facts: Custodian REIT

Price: 87.6 GBX

Market: LSE
Market Cap: £367.97 m

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