Custodian REIT buys five industrial units on Knowsley Business Park in Liverpool for £3.5mln

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Custodian REIT PLC (LON:CREI) said it acquired five industrial units on Knowsley Business Park in Liverpool for £3.5mln.

The units, which cover a total area of 40,419 sq. ft., are occupied by Portakabin, Green Thumb, Central Electrical Armature and Med Imaging with a weighted average unexpired term to first break or expiry of 4.0 years.

The units have an aggregate passing rent of £214,117 per year, reflecting a net initial yield of 5.74%, said the UK property investment company.

The purchase price was funded from the company’s existing debt facilities.

“We are delighted to have secured these modern assets in an area with strong evidence of increasing industrial rents, offering short-medium term asset management opportunities,” said Richard Shepherd-Cross, managing director of Custodian Capital Ltd – the discretionary investment manager of Custodian REIT.

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