Custodian Property Income REIT plc: Disposal of Glasgow Offices at a 24% Premium to Valuation

 

5 February 2026

 

Custodian Property Income REIT plc

 

(“Custodian Property Income REIT” or the “Company”)

 

Disposal of Glasgow Offices at a 24% Premium to Valuation

 

Custodian Property Income REIT (LSE: CREI), which seeks to deliver a strong income return by investing in a diversified portfolio of smaller regional properties across the UK, is pleased to announce the disposal of an office building in Glasgow for £6.0m, representing a 24% premium to the 30 September 2025 valuation.

 

Monteith House, located on George Square in Glasgow city centre, is fully let to a single tenant with an annual passing rent of £0.5m. The asset was acquired as part of the DRUM Income Plus portfolio acquisition in November 2021.

 

Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited, said: “We have received a healthy level of income on this property for the period of our ownership. With less than five years remaining on the current lease and some uncertainty regarding renewal with the existing tenant, we believe that without significant capital expenditure, this asset has limited scope for future rental growth. Due to these factors, we felt that now is the right time to sell and crystallise a 24% premium to the 30 September 2025 valuation, demonstrating our ability to complete sales above book valuation, as well as the continued demand for well-located office assets. We expect to use the proceeds to repay variable rate debt, aligning with our strategy of providing shareholders with strong income returns.”

 

- Ends -

 

Further information:

 

Further information regarding the Company can be found at the Company's website custodianreit.com or please contact:

 

Custodian Capital Limited
Richard Shepherd-Cross – Managing Director Ed Moore – Finance Director Ian Mattioli MBE DL – Chairman	Tel: +44 (0)116 240 8740
	www.custodiancapital.com

 

Numis Securities Limited
Hugh Jonathan / George Shiel	Tel: +44 (0)20 7260 1000
	www.numis.com/funds

 

FTI Consulting
Richard Sunderland / Ellie Sweeney / Andrew Davis / Oliver Parsons	Tel: +44 (0)20 3727 1000
	custodianreit@fticonsulting.com

 

Notes to Editors

 

Custodian Property Income REIT plc is a UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014. Its portfolio comprises properties predominantly let to institutional grade tenants throughout the UK and is principally characterised by smaller, regional, core/core-plus properties. 

 

The Company offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund.  By principally targeting smaller, regional, core/core-plus properties, the Company seeks to provide investors with an attractive level of income with the potential for capital growth.

 

Custodian Capital Limited is the discretionary investment manager of the Company.

 

For more information visit custodianreit.com and custodiancapital.com.