Disposal of Retail Property

Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by investing in a diversified portfolio of smaller, regional, core/core-plus properties across the UK, is pleased to announce the disposal of a high street retail unit in Bury St Edmunds at auction for £0.85m, in line with the 31 March 2023 valuation.

Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said: “Having recently increased the lease term by five years but with rent decreasing by 8%, we felt this was the right time to sell as we did not anticipate rents recovering in the medium-term.  We will recycle the sale proceeds into improvements to the remaining portfolio which we believe better aligns to our strategy of providing shareholders with strong income returns.”