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Edison Investment Research Limited
London, UK, 24 January 2024
Edison issues flash on Custodian Property Income (CREI): Proposed merger Custodian Property Income REIT (CREI) and abrdn Property Income Trust have announced a proposed all-share merger, recommended by both boards. This recommendation reflects the increased diversification of income that the combined company will provide, with potential to benefit from increased scale and share liquidity, and the opportunity for cost savings. The investment strategy will remain income focused, emphasising below institutional-sized regional assets, typically offering a yield premium. The combined portfolio offers 24% reversionary potential. Since it launched 10 years ago, the two key elements of CREI’s investment strategy have been a focus on smaller-sized properties (generally less than £10m at the point of acquisition), which typically provide a yield premium over larger properties, within a well-diversified portfolio to manage risks. This will continue to be the case and a higher risk-adjusted property yield is a key plank of the company’s income-led return strategy. As of 31 December 2023, the combined portfolio has a gross value of more than £1bn, comprising c 200 properties, further diversified by tenant and geography. The average value of properties across the combined portfolio is c £5m. With a combined estimated rental value of £84.3m pa compared with passing rents of £68.1m pa, there is the opportunity to grow income, primarily from void reduction and rental growth, providing support to capital values. The combined pro forma loan to value ratio as of 31 December 2023 is 30.2% with a weighted average maturity of 3.8 years, and a weighted average cost of 5.0%, well below the portfolio EPRA topped-up net initial yield of 6.2%. Click here to view the full report. All reports published by Edison are available to download free of charge from its website About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Martyn King +44 (0)20 3077 5700 team@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv
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1822361 24-Jan-2024
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