Custodian REIT : CREI – Purchase of second Castleford property

Custodian REIT has announced the purchase of a second property in Castleford for £1.61m. The property is a 12,940 square foot trade counter, let to MKM Building Supplies Limited, on a 20 year lease. The rent is 110,000 per annum, which reflects a net initial yield of 6.45%.

Custodian REIT listed on the LSE on 26 March 2014, acquiring a portfolio of £95 million of UK commercial property from an existing portfolio of 48 properties held by clients of Mattioli Woods. CREI also raised £55 million, through an initial public offering, and the new purchase brings the total of new funds invested to £17.35m. Custodian REIT already owns 1 Willowbridge Lane, a 25,223 square foot distribution warehouse, let to Bunzl  UK on a 15 year lease (see picture).

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