Custodian REIT has announced that it has sold a purpose-built student residential building in Lenton, Nottingham for £1.2m, which is ahead of cost and the 31 March 2016 valuation. The property, which was part of the initial portfolio acquired on Custodian REIT’s admission to the London Stock Exchange in 2014, was fully let for the next academic year prior to marketing. Following the disposal and placing of new shares announced on 13 May 2016, the company says that its net borrowings have decreased to 12.2% loan to value and that it intends to use the proceeds from the disposal to fund acquisitions better aligned to its stated investment strategy.
Custodian REIT disposes of student accommodation building in Nottingham for £1.2m : CREI