Custodian REIT finalises Grove Court portfolio acquisition

Custodian Property Income REIT (CREI) has provided an update on its £35.9 mln (€42.5 mln) acquisition of the Grove Court Portfolio, announced in February 2026.

Grove Court Portfolio

The portfolio, consisting of smaller, regional UK properties, has met expectations, maintaining around 97% occupancy.

A significant development is a successful rent review at the portfolio's largest asset, a motor dealership in Beaconsfield. This review resulted in a 5% increase in rent, aligning with market values, and this property now contributes 27% of the portfolio's total rent.

Following this rent review and the finalisation of the acquisition's accounts, Custodian has now settled the remaining payments related to the deal, including a performance-based bonus and the issuance of the final shares.

Richard Shepherd-Cross, managing director of Custodian Capital Limited, the Company’s Investment Manager, said: “Following the strategic majority-share acquisition of Grove Court earlier this year, its complementary properties have improved our existing portfolio by providing tenant diversification and further defensive income to help drive earnings, while helping us continue to add scale to our business. We have already secured a 5% rental uplift with the occupier at Grove Court’s largest asset by income, further cementing our belief that we can capture the latent value in this portfolio. In a short space of time, we have undertaken three separate corporate acquisitions of family-held property holdings totalling £66.5 mln, demonstrating our commitment to generating shareholder value through disciplined consolidation.”