Custodian REIT plc : Purchase of Land with Pre-let Development
Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce the completion of a forward funding agreement for a pre-let development, together with the purchase of the development land.
- Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce the completion of a forward funding agreement for a pre-let development, together with the purchase of the development land.
- On completion of the development for a total consideration of 1.725million, the total passing rent will be 115,000 per annum reflecting a net initial yield [1] of 6.67%.
- The land purchase price of 0.9 million was funded from the Company's existing cash resources, resulting in net gearing2 increasing to 22.3% loan to value.
- The location of this property on an arterial access route for Nottingham city centre allows easy accessibility for traffic both entering and leaving the City, enhancing the site's offering."