Custodian REIT has acquired a freehold public house property, on Frogmore Lane, High Wycombe, for £1.625m. The property is currently let to the “Stonegate Pub Company” (the UK’s largest independent pub company whose brands include Yates’s, The Slug and Lettuce, The Living Room and Scream). The Frogmore lane property, currently trading as a Yates’s Wine Lodge, is let on a 999 year lease subject to a tenant’s only break option in November 2026. Annual rent is £115k, reflecting an initial yield of 6.69%, and the purchase brings the total funds invested since its March 2014 IPO to £36.3m. The purchase has been funded using existing credit facilities and moves CREI’s borrowings closer to its target loan to value ratio of 25%.
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