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Custodian REIT (CREI)

Business description

CREI is a London Main Market listed REIT focused on commercial property in the UK outside London. It is income-focused, with a commitment to pay a high but sustainable and covered dividend.

Investment summary

With its balanced portfolio of regional UK commercial real estate, Custodian REIT (CREI) continued to produce good returns through H119 while selectively growing the portfolio. The company says that barring unforeseen circumstances, it is well placed to meet its target of paying a fully covered aggregate DPS of 6.55p for the year, and targets further sustainable growth through accretive acquisitions and active management of the existing portfolio.

Last updated on 09/01/2019

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 27.6 N/A 24.2 6.59 17.6 15.0
2018A 34.8 N/A 32.4 6.94 16.7 14.8
2019E 39.6 N/A 29.1 7.20 16.1 13.2
2020E 41.2 N/A 32.1 7.33 15.8 14.3

Last updated on 09/01/2019

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Executive interview – Custodian REIT

Industry outlook

Regional occupier demand is generally firm, driven by continuing economic growth and business relocation away from London, while new supply remains limited. Meanwhile, the yield spread between the regions and London remains historically wide, and offers potential for further narrowing.

Last updated on 29/11/2018

Key management

David Hunter, Chairman
Richard Shepherd-Cross, MD
Ed Moore, Finance manager

Company address

Penman Way
Grove Park
Enderby
Leicester
LE19 1SY
United Kingdom
0116 240 8740
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