CREI : Custodian REIT acquires ‘Staples’ retail warehouse in Milton Keynes for £5.7m
Custodian REIT has acquired a freehold retail warehouse, currently let to leading UK stationary and office supplies company ‘Staples’, at 1 Grafton Gate East, Milton Keynes (pictured). The lease runs until September 2020 and has a current passing rent is £419k per annum, reflecting a net initial yield of 6.95%. The £5.725m purchase price was funded from CREI’s existing credit facilities (CREI has a target gearing ration of 25%). The purchase brings the total funds invested since CREI’s IPO in March 2014 to £43.8m.