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Custodian Property Income REIT PLC - Leicester, England-based real estate investment trust - Announces disposal of an office building in Glasgow for £6.0 million, a 24% premium to the September 30 valuation. The firm says: ‘Monteith House, located on George Square in Glasgow city centre, is fully let to a single tenant with an annual passing rent of £500,000. The asset was acquired as part of the DRUM Income Plus portfolio acquisition in November 2021.’ Custodian Capital Ltd Managing Director Richard Shepherd-Cross says: ‘We have received a healthy level of income on this property for the period of our ownership. With less than five years remaining on the current lease and some uncertainty regarding renewal with the existing tenant, we believe that without significant capital expenditure, this asset has limited scope for future rental growth. Due to these factors, we felt that now is the right time to sell and crystallise a 24% premium to the 30 September 2025 valuation, demonstrating our ability to complete sales above book valuation, as well as the continued demand for well-located office assets. We expect to use the proceeds to repay variable rate debt, aligning with our strategy of providing shareholders with strong income returns.’ Current stock price: 87.90 pence each, up 0.5% on Thursday afternoon in London 12-month change: up 12% Copyright 2026 Alliance News Ltd. All Rights Reserved.
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