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Custodian REIT PLC - Leicester, England-based real estate investment trust - Sells a retail unit in North Somerset at auction for £700,000. Says it recently completed a five-year lease renewal with Superdrug Stores PLC with the annual rent decreasing to £60,000 from £124,000.
‘This asset was not aligned with the strategy of the company as we did not anticipate rents recovering and continues our planned disposals programme of non-prime high street retail assets. We expect to invest the sale proceeds in higher-quality assets with greater prospects for income and capital growth, better supporting the boards objective of increasing dividends in a sustainable way,’ Custodian Capital Ltd Managing Director Richard Shepherd-Cross said.
Custodian Capital is the fund manager of Custodian REIT. It is owned by Mattioli Woods PLC.
Current stock price: 101.20 pence, up 1.3% in London on Wednesday
12-month change: up 2.5%
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