Custodian Property Income REIT Reports on £36m Grove Court Acquisition

Custodian Property Income REIT plc has provided an update on its strategic acquisition of the £35.9 million Grove Court Portfolio. The acquisition involved gaining a majority share in Grove Court Properties (Holdings) Limited. Following this transaction, the portfolio performance aligns with expectations, maintaining an occupancy rate of around 97%.

A rent review has been concluded successfully, securing a 5% rent increase with the largest asset in Beaconsfield, which now represents 27% of the portfolio’s income. Finalisation of the completion accounts has allowed for settlement of the performance-related overage payment and an issuance of new equity shares.

The company underscores its commitment to scaling its portfolio and enhancing shareholder value, demonstrated by this and other recent transactions totaling approximately £66.5 million. The strategic acquisition is part of Custodian's effort to diversify its tenant base and strengthen income stability.