Custodian Property Income REIT (LSE: CREI), which seeks to deliver a strong income return by investing in a diversified portfolio of smaller regional properties across the UK, is pleased to announce completion of the disposal of a vacant car showroom in Redhill for £2.35m, representing a 15% premium to the 31 December 2023 valuation, previously disclosed in the Company’s announcement of 28 February 2024.

Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said: “Having initially considered refurbishing and reletting the asset, strong demand for the site from residential developers became apparent during the marketing period and disposing ahead of valuation to fund improvements to the remaining portfolio was deemed more accretive to shareholders.”