Custodian Property Income REIT has sold a high street retail unit in Bury St Edmunds leased to The Works at auction for £0.85m.
The REIT, which invests in a diversified portfolio of smaller, regional, core/core-plus properties across the UK, said the sale price was in line with the 31 March 2023 valuation.
Richard Shepherd-Cross, managing director of Custodian Capital – the company’s external fund manager – said: “Having recently increased the lease term by five years but with rent decreasing by 8%, we felt this was the right time to sell as we did not anticipate rents recovering in the medium-term. We will recycle the sale proceeds into improvements to the remaining portfolio which we believe better aligns to our strategy of providing shareholders with strong income returns.”
