Custodian REIT PLC (LSE:CREI) revealed the disposal of a Weston-Super-Mare retail unit from its portfolio for £700,000, which was in line with its valuation.
The UK property investment company, which focuses on smaller lot sizes, also recently completed a five-year lease renewal with Superdrug with annual rent decreasing to £60,000 from £124,000.
Commenting on the disposal, Richard Shepherd-Cross, Custodian Capital Ltd managing director, said: “This asset was not aligned with the strategy of the company as we did not anticipate rents recovering and continues our planned disposals programme of non-prime high street retail assets.
"We expect to invest the sale proceeds in higher quality assets with greater prospects for income and capital growth, better supporting the board’s objective of increasing dividends in a sustainable way.”