Custodian hails year of ‘significant recovery’ as NAV strengthens
Custodian REIT has increased its portfolio by more than £100m as its NAV strengthens.
Chair David Hunter said it had been “a period of significant recovery”.
The firm’s portfolio value now stands at £665m, up from 2021’s £552m. Its net assets are worth £527m, up from last year’s £410m.
Custodian REIT has increased its portfolio by more than £100m as its NAV strengthens.
Chair David Hunter said it had been “a period of significant recovery”.
The firm’s portfolio value now stands at £665m, up from 2021’s £552m. Its net assets are worth £527m, up from last year’s £410m.
Pretax profit was also up, to £122m from £3m last year, largely due to a £94m lift in valuations. Last year Custodian recorded a near £19m loss from its investment property. EPRA profits increased slightly to £25m. Custodian also made a £5.4m profit on disposals and the acquisition of DRUM REIT for £19.1m of new shares.
Hunter acknowledged the REIT had been hit by the pandemic, but said he did not believe the current macro-economic picture would cause significant problems.
“Although the impact of inflation and political uncertainty could lead to an economic downturn, we believe Custodian REIT’s portfolio, diversified by sector, geography and tenants, with low gearing, will remain resilient in the face of any economic headwinds.”
Custodian’s portfolio is 38% industrial and 21% retail warehouse. Offices account for 17%, while high street retail is 11%.
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