Custodian Property Income confirms £15m sale of two properties after failed abrdn merger

5.2% and 61% premium

Custodian Property Income REIT (CREI) has sold one of its properties for £6m and arranged for the sale of another property for £9m, according to a stock exchange notice today (2 April).

The trust has completed the sale of an industrial unit in Weybridge for £6m, marking a 5.2% premium from its December 2023 valuation. Richard Shepherd-Cross, managing director of the trust's external fund manager Custodian Capital, said: "The Weybridge asset has provided a healthy level of income over its four years of ownership and having re-let the unit in 2022 at an increased level of rent, we believe future rental growth may not meet our income growth expectations going forwards so we have made the decision to sell." Liberum raises takeover risk for Custodian Property Income REIT ...