Custodian REIT has bought a block of six shops and two restaurants in Shrewsbury town centre.
It paid £10.3m for the assets, which have a combined rent of £667,300, a 6% net initial yield.
The properties, located at the corner of Pride Hill and High Street, have a weighted unexpired lease term of six years. Tenants are Paperchase, Holland & Barrett, Azzuri Restaurants, Edinburgh Woollen Mill, Thomas Cook, Greggs, Sam’s Club, Whittards and William Hill.
The purchase was funded from the company’s debt facilities, resulting in a rise in net gearing to 19.6% loan to value.
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