Leicester firm offloads mixed-use property in £9.1m deal
Custodian REIT, the Leicester property investment company, has sold a mixed-use scheme in Scotland in a £9.1m deal.
The Company has offloaded the 39,279 sq ft city centre office and retail unit, having acquired the property as part of a portfolio in January 2016.
Commenting on the disposal Richard Shepherd-Cross, managing director of Custodian Capital (the company’s external fund manager), said: “Following the completion of a refurbishment and various asset management initiatives, which increased the weighted average unexpired lease term to expiry to 8.7 years, we anticipated limited opportunities for future rental growth and believe the disposal proceeds can be redeployed on property with better income and capital growth prospects.”
