Custodian Property sells vacant Guildford property
Property Income REIT announced the sale of a vacant retail property in Guildford for £1.625m on Friday, achieving an 8% premium to the site's 31 March 2025 valuation.
The London-listed real estate investment trust, which invests in smaller regional properties across the UK, said the decision to sell the asset followed stronger-than-expected interest from residential developers.
It had initially considered refurbishing and re-letting the site.
"Having initially considered refurbishing and reletting the asset, strong demand for the site from residential developers became apparent during the initial marketing period and disposing ahead of valuation to fund improvements to the remaining portfolio was considered more accretive to shareholders," said Richard Shepherd-Cross, managing director of Custodian Capital, the company's external fund manager.
Custodian said it was continuing to focus on enhancing returns through active portfolio management.
At 0917 BST, shares in Custodian Property REIT were down 0.21% at 81.23p.
Reporting by Josh White for Sharecast.com.
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