The Company has sold a 15,229 sq ft five-unit retail development in Stourbridge for £2.25 million, in line with the 31 March2018 valuation.
The property was part of the initial portfolio acquired on the Company’s admission to the London Stock Exchange in 2014. The Company intends to use the proceeds from the disposal to fund acquisitions better aligned to its stated investment strategy.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’sexternal fund manager), said:
“We believe this asset is no longer aligned with the strategy of the Company. While the property has delivered consistent cash flow from excellent tenants, supporting the dividend policy, we are not confident of future rental growth potential and believe disposal proceeds can be redeployed on property with greater prospects for income and capital growth.”