Custodian REIT has announced that it has sold a 7,333 square foot purpose-built office on Madison Place Business Park, Manchester for £1.35m, which is £0.15m ahead of its 30 September 2015 valuation. Prior to marketing, the lease term with Central Manchester University Hospitals NHS Foundation Trust was extended from four years to 10 years. The property was part of the initial portfolio acquired on the Company’s admission to the London Stock Exchange in 2014. The company says that it intends to use the proceeds from the disposal to fund acquisitions that are better aligned to its stated investment strategy. The company says that the property was slightly sub-scale and that they do not anticipate it location experiencing significant rental growth in the medium term
Custodian REIT sells Madison Place office space in Manchester for £1.35m :CREI