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Custodian REIT on track to deploy cash pile

CREI : Custodian REIT on track to deploy cash pile

Custodian REIT has published its first set of figures, covering the period from 25 March 2014 to 30 September 2014. The net asset value total return was 2.75 over that period and the return to shareholders was 7.3%. They have paid two dividends of 1.25p, plan a full year dividend of 5.25p and a dividend for the year that ends in March 2016 of 6.25p. They invested all the proceeds from the IPO, making 21 acquisitions for £48m on top of their £95m seed portfolio, and then raised a further £25m from investors in October. The average portfolio net initial yield was 7.2% at the end of the period and occupancy was 98.6%. The average unexpired lease term was 7.7 years. The gearing at the end of the period was fairly low at 7.7% but they expect that to ramp up towards 25% as they buy more property for the fund.

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