IN BRIEF: Custodian Property sells 2 office buildings for PS7 million

Custodian Property Income REIT PLC - Leicester, England-based real estate investment trust - Sells two office buildings in Cheadle, Greater Manchester for a total of £6.9 million. Says 5500 Lakeside is sold for £4.0 million, in line with its valuation at the end of December, while Wienerberger House is sold at a 10% premium.

‘Whilst we have received a healthy level of income across both properties, due to market sentiment in the out-of-town office sector, we believe that there is limited scope for future rental growth and we felt that now is the right time to sell. The transactions once again prove our ability to make sales at or above book valuation and we expect to use the proceeds to repay variable rate debt, aligning with our strategy of providing shareholders with strong income returns,’ says Custodian Capital Managing Director Richard Shepherd-Cross.

Current stock price: 76.46 pence

12-month change: up 0.5%

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