Net Asset Value and Market Update Custodian REIT February 2016
1 Overview
Custodian REIT
• Portfolio £309m1 (Market Cap £258.61m1) • Main Market of London Stock Exchange • Objective: to provide an attractive level of income with the potential for capital growth ‐ Target annual dividend of 6.25 pence per share2 to March 2016 ‐ Target annual dividend of 6.35 pence per share2 to March 2017 ‐ Fully covered from net income, paid quarterly • Differentiated investment strategy – targeting small lot size property
1. As at 20th January 2016 2. The target distribution is not a forecast and should not be seen as an indication of Custodian REIT’s expected or actual results or returns
2 Financial highlights
3 months to 31 December 2015
• NAV total return1 of 1.5% • Proposed dividend for the Period of 1.5875p per share • NAV per share of 103.0p • RCF facility increased to £35m and term extended to 2020 • £49.8m of new equity raised at average premium of 3.0% to adjusted2 NAV • Increase in target dividend for the year ending 31 March 2017 to 6.35p per share
1 NAV movement plus dividends paid. 2 Premium adjusted to deduct dividends earned but not paid post ex-dividend date.
3 Differentiated property strategy
Market transaction data shows: • Small lot sizes, £2m-£7.5m Net initial yield advantage for small lot sizes 10.0 3.00 • Institutional grade tenants/long leases Margin Under £10m £10m plus 9.0 2.50 • Low obsolescence 8.0 7.0 • High residual values 2.00 6.0 • Strategic exposure to: 5.0 1.50 4.0 – Alternative Sectors (17%) 138 bps yield 1.00 3.0 advantage for 2.0 smaller lots – Pre-let forward funding c.£5m (7%) 0.50 1.0
• Target gearing – 25% LtV (20.7% today) - - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Sourcing of opportunities 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 *Graphs LSH Investment Transactions data • Wide exposure agency network across the UK • Over £2bn of opportunities considered in acquiring £200m of new property
• Over 30% of completed transactions have been genuinely off-market transactions 4 Income focused returns
6.50% Inceased Yield Yield Maximum Covered Yield
• Long-term property returns have 6.00% strong income bias - circa 80% of 5.50% total return 5.00% • Target dividend 6.25pps/6.35pps
4.50% • Implied yield 5.81%1 rising to
5.91%2 4.00% Prospective Prospective Yield
• Fully covered from earnings 3.50% • Scope to continue dividend growth, 3.00% subject to maintaining full cover 2.50%
2.00%
Inc Custodian REIT Custodian
1. Based on share price of 107.5 pence per share EdistonProperty
Tritax Big Box REITBig Box Tritax F&CEstate Real UK
2. Forecast for year to March 2017 Estate Real Schroder
Picton Property Income Property Picton 5
UK Commercial Property Commercial UK
F&C Commercial Property F&C Commercial Standard Life Inv Property StandardInv Life Market context
• Close to 10 year low NIYs for large, good quality, regional assets – particularly office, shopping centre, retail warehouse and distribution sectors • Smaller lots not experienced the same excess demand driven yield compression • Resulting in lower volatility of Custodian REIT valuations • Positive for sourcing accretive assets
Yield compression Market vs Custodian REIT Date CBRE JLL Custodian REIT All Property Yield Prime Yield Equivalent Yield 2014 Q3 5.66% 5.01% 6.75%
Compression 32 bps 37 bps 2 bps 2015 Q4 5.34% 4.64% 6.73%
Source: CBRE Marketview Q4, 2015 JLL Monthly Commentary LSH valuations November, 2015 6 Market outlook
Income will drive total returns in 2016 IPF Consensus Forecast (November 2015) 10.0% 9.3% • Income expected to make up a larger proportion of total return in 2016 8.0% 7.7% and beyond 4.1% 2.6% 6.0% 5.7% • Investment Property Forum 5.4% 4.8% Consensus Forecast expects capital 0.4% 0.6%
growth to be less than half that 4.0% witnessed in 2015 5.2% 5.0% 5.1% 5.1% 5.1% • We expect the value of small lot size, 2.0% regional property will grow
sustainably as a result of underlying 0.0% -0.3% rental growth, rather than simply 2016 2017 2018 2019 2015-19 demand-led valuation growth -2.0%
Income Return (Implied) Capital Return Total Return
7 Rental growth forecast
Market IPF Consensus Forecast (November 2015)
• IPF consensus forecast shows consistent 4.00%
rental growth over the next 4 years 3.50% 3.4% • Lack of supply in office and industrial 3.00% 2.8% markets is driving rental growth 2.7% 2.50% • Rental growth has also returned to retail 2.2% markets 2.00% 1.8%
• Low vacancy rates should enhance cash 1.50% flow and dividend cover 1.00%
0.50%
0.00% 2016 2017 2018 2019 2015-19
8 Diversification - current portfolio
Diverse UK commercial property investment portfolio* Industrial • Current portfolio circa £309 million Other Retail Office • 111 assets
• Nationwide portfolio
• All major commercial property sectors
• Over 220 separate tenancies
• Average weighted unexpired lease term 6.8 years to first break
• Void rate 2.8%
• 6.97% net initial yield
9 *As at 4th January 2016 Diversification by property, sector and geography Sector split by income Regional split by income East Midlands Other Wales 13% 17% Industrial South-West 2% Retail 40% 9% Scotland Warehouse 8% 7% West Midlands North-East 16% 9%
Retail North-West East Anglia 20% 13% 6%
Office 16% Split of “Other” income South-East 24% Leisure Hotel 8% 13%
Restaurant 17%
Motor Trade 34% Residential 2%
As at 4th January 2016
Nursery Trade Counter 5% 21% 10 Diversification by income
Full list of tenants in the appendix Split of income by tenant
Portfolio ICC Credit Rating weighted by income 71.4*
* ICC score 61-100 Confidence, low risk potential Top 10 Tenants 51-60 Normal, limited risk potential, normal terms
11 Managed income profile
4,000,000 Lease expiry profile Income at risk 0-1 years 9% 10 years + 3,500,000 22% Pipeline Existing Portfolio 2-3 years 23% 3,000,000
2,500,000
5-10 years 25% 2,000,000 3-5 years 21% 1,500,000 6.8 years weighted average 1,000,000 unexpired lease term (to first break) 500,000
-
12 months to 12 Portfolio acquisition
Indigo Portfolio - £69.4m • Agreed “off market” • Unconditional exchange on £27m for which funds were available immediately • Conditional exchange on £42.4m, subject to fund raising • Reduced speculative risk for shareholders • Two sub-sales agreed between exchange and completion • £5.8m industrial property in Kingston upon Thames reflecting 4.77% NIY • £8.6m retail and office property in Richmond reflecting 5.0% NIY • Sub-sales enhanced the income return on the remaining portfolio • Net portfolio price £55.1 million • 6.32% NIY with a reversion to 6.89%
Outcome for shareholders • Economies of scale, reducing fixed costs and AMC from 0.9% to 0.75% (over £200m NAV) • Improved forecast dividend cover
• Enabled dividend to increase to 6.35pps for year to March 2017 13 Portfolio acquisition
Location: Winnersh, Reading Price: £8,550,000 Location: West Malling, Price: £7,500,000 Tenant: Multi-Let Unexpired term: Kent Unexpired term: 2yrs Type: Retail Various Tenant: Regus Net Initial Yield: Rent: £571,950 pa Net Initial Yield: Type: Office 7.03% 6.32% Rent: £558,160 pa
Location: Colchester Price: £6,620,000 Location: Redditch Price: £4,525,000 Tenant: Multi-Let Unexpired term: Tenant: Amco Unexpired term: 3yrs Type: Retail Various Type: Industrial Net Initial Yield: Rent: £448,600 pa Net Initial Yield: Rent: £315,000 pa 6.58% 6.41%
Location: Edinburgh Price: £8,980,000 Location: Chepstow Price: £3,600,000 Tenant: Multi-Let Unexpired term: Tenant: Multi-Let Unexpired term: Various Type: Office/Retail Various Type: Industrial Net Initial Yield: Rent (assuming fully let) Net Initial Yield: Rent: £279,628 pa 7.34% £659,334 6.94% (assuming fully let) Rent: £442,153 pa Location: Portsmouth Price: £6,625,000 Location: Guildford Price: £4,850,000 Tenant: Multi-Let Unexpired term: Tenant: Multi-Let Unexpired term: Type: Retail Various 1.75yrs Type: Retail Rent: £525,800 pa Net Initial Yield: 7.50% Rent: £283,483 pa Net Initial Yield: 5.53%
Location: Warrington Price: £3,780,000 Tenant: Multi-Let Unexpired term: Type: Industrial Various Rent: £259,903 pa Net Initial Yield: 6.50% 14 Asset management
Active discussions with tenants Bardon – New 3 yr lease to MTS at in connection with one or more £129k pa after Jewson’s lease expiry of: £105k valuation uplift • Rent review
• Lease renewal Bedford – removing 2017 break in • New letting return for 6 month rent free. £355k valuation uplift and improved • Refurbishment WAULT • Property extension Leicester – Chesham Insurance agreed • Lease re-gear a 5yr lease from Dec 2015. Rent has • Lease surrender increased by £3k to £67k. £75k valuation uplift
Redditch - 2015 rent review agreed at £304k, a £54k uplift. £215k valuation uplift
15 Pipeline
Pipeline Status Value 2 retail units in a strong North West location Under offer £2m Retail Warehouse in South East Under offer £6.5m Distribution Warehouse in Midlands Tracking £4.5m Leisure Park in Scotland Tracking £4.5m Car Showroom in East Midlands Tracking £2.0m Retail portfolio in East London and East Anglia Tracking £11.5m Office building in North East Tracking £6.5m Office building in North Tracking £4.3m Mixed used (industrial and gym) in South East Tracking £5.6m Total £47.4m
16 Conclusion
Custodian • Objective of attractive income level with potential for capital growth REIT • LSE Main Market with £258.61m Market Cap1
Differentiated • Highly diversified portfolio focused on small lot sizes Investment • Institutional grade tenants on long leases Strategy • High residual values, low obsolescence • Conservative gearing policy Opportunity • High income return • Security of income through diversification of tenant, property and location • Low volatility of underlying portfolio • Economies of scale, AMC falling from 0.9% to 0.75% on NAV above £200 million and dilution of the Company's fixed cost base. • Enhance dividend cover with ability to grow future dividends.
1. As at 20th January 2016 17 Custodian Capital Limited Richard Shepherd-Cross 1 Penman Way, Grove Park, Tel: 0116 240 8741 | Mob: 07801 225 992 Enderby, Leicester LE19 1SY [email protected]
3rd Floor, 22 Park Street, Mayfair Nathan Imlach London W1K 2JB Tel: 0116 240 8700 | Mob: 07876 548 360 [email protected] Tel: 0116 240 8740 | Fax: 0116 240 8749 Email: [email protected] Ed Moore Web: www.custodiancapital.com Tel: 0116 240 8740 | Mob: 07947 460 182 [email protected]
Alex Nix Authorised and regulated by the Tel: 0116 240 8742 | Mob: 07730 521 991 Financial Conduct Authority. [email protected]
18 Appendix
19 Fund details
Manager • REIT management fee 0.9% per annum of NAV, reducing to 0.75% over £200m NAV • Senior management holding of 1%
Structure • Quarterly valuation by Lambert Smith Hampton • Quarterly Property Income Distributions (PIDs)
Listing • LSE Main Market • Full REIT status
20 Debt strategy
Target gearing of 25% loan-to-value • £35m 5 year revolving credit facility: – Lloyds Banking Group – 245 bps over 3 month libor, expiring November 2020 – Secured over a discrete pool of assets – Flexibility of the facility helps to minimise cash-drag • £20m 5 year term facility drawn and invested: – Lloyds Banking Group – Interest only, 195 bps over 3 month libor, expiring October 2019 • £20m 10 year fixed rate debt facility – Interest only, 10 year fixed rate at 393 bps expiring August 2025 • Weighted average cost of debt 308 bps1
• Considering further long-term, fixed rate debt to benefit from prevailing interest rates
1. Assuming debt fully drawn and based on Libor at 50 bps 21 Board of Directors
David Hunter • International property consultant specialising in property funds and companies Independent Chairman • On the board of both listed and unlisted companies in UK and overseas • Corporate advisory roles in the UK and France • Over 25 years’ experience as a high performing fund manager • Former MD of Aberdeen Asset Management's £6.5bn property fund business • Former President of the British Property Federation • Actively involved in the introduction of REITs to the UK Barry Gilbertson • Property expert with more than 40 years’ experience advising on property Independent • An adviser to the Bank of England 2003-2014 Non-executive Director • Former global President of the Royal Institution of Chartered Surveyors (RICS) • First chartered surveyor to become a partner of PwC in 1996 • Non-executive consultant to Knight Frank LLP • Independent director of Granite REIT quoted on NYSE and TSX • Independent director of Conwert Immobilien Invest SE quoted on Vienna SE
Matthew Thorne • Qualified with Price Waterhouse in 1978 Independent • Independent director of Bankers Investment Trust plc • Adviser to Consensus Business Group Non-executive Director • Director of Bankers Investment Trust • Former Group Finance Director of McCarthy & Stone • Former Investment Director of Beazer plc
Ian Mattioli • 30 years’ experience in the pensions and wealth management sector Non-executive Director • Established Mattioli Woods in 1991 • CEO of Mattioli Woods group with over £6 billion, assets under advice • Established the Mattioli Woods property business in 2002 • Chairman of Custodian Capital 22 Fund manager
Richard Shepherd-Cross BSc MRICS Custodian Capital Limited • Managing Director, Custodian • Subsidiary of the AIM listed Mattioli Capital • Fund Manager Woods plc • 21 years experience in the • Authorised and regulated by the FCA commercial property market • Alternative Investment Fund Manager • Formerly a director at JLL leading • Established market presence the portfolio investment team • Experience in small lot sizes Nathan Imlach CA FCSI CF • Finance Director to Custodian • Proven record of asset management Capital since 2011 and Mattioli • Party to over 100 property transactions Woods since 2005 in last 13 years • Chartered Accountant – qualified • 12 year track record of property in 1993 with Ernst & Young syndication
Ed Moore BSc FCA Alex Nix BSc MRICS • Finance Manager to • Assistant Fund Manager Custodian Capital • 11 years experience in the • Chartered Accountant – commercial property market qualified in 2003 with Grant • 8 years with Lambert Smith Thornton Hampton
23 Fund manager structure
Custodian REIT Board
Richard Shepherd-Cross Nathan Imlach CA FCSI Investment Committee MRICS CF Fund Manager Finance Director
Alex Nix MRICS Ed Moore FCA Mark Smith Assistant Fund Manager Finance Manager Compliance Officer
Tom Donnachie MRICS Priya Patel ACCA Portfolio Manager Financial Controller
Javed Sattar AssocRICS Emma Hoy Property Manager Finance Ben Aspell Jeremy Wilson Business Development Finance
Jas Riyait Michelle Dewick PA Finance Amy Bhatti 24 Administrator Recent acquisitions
Location: Birmingham Location: Crewe Tenant: Multi-let Tenant: Mecca Bingo, MFA Type: Office Bowl, Pizza Hut & Odeon Rent: £537,588 pa Cinemas Expiry: Various Type: Leisure Gross Price : £6,350,000 Rent: £523,625 pa pa NIY : 7.64% Expiry: 25.12.2030 Gross Price : £6,600,000 NIY: 7.5%
Location: Torquay Location: Cannock Tenant: 4 Restaurants Tenant: Hellermann Tyton Type: Leisure Type: Industrial Rent: £285,000 pa Rent: £279,090 pa Expiry: 2025-2035 Expiry: 25.03.2036 Gross Price : £4,330,000 Gross Price : £4,220,000 NIY : 6.22% NIY : 6.25%
Location: Ashby de la Zouch Location: Portishead Tenant: Teleperformance Tenant: JD Wetherspoons, Type: Industrial Majestic Wine Warehouses & Rent: £465,000 pa Homebargins Expiry: 31.03.2018 Type: Retail/Other Gross Price : £4,300,000 Rent: £265,000 pa NIY : 10.22% Expiry: 15 year lease terms Gross Price : £4,005,000 NIY : 6.5% Recent acquisitions
Location: Grantham Location: Torpoint, Cornwall Tenant: Laura Ashley, Carpetright, Tenant: Sainsburys Poundstretcher Limited Supermarkets Type: Retail Type: Retail Rent: £324,286pa Rent: £217,500pa Expiry: 30.05.21, 24.12.20, 11.4.20 Expiry: 14.12.22 Price : £4,375,000 Price : £3,050,000 NIY : 7.00% NIY : 6.75%
Location: Gillingham Location: Milton Keynes Tenant: Somerfield Stores Tenant: Dominos Pizza Group Type: Filling station Type: Industrial Rent: £268,500 pa Rent: £250,000pa Expiry: 15.04.2028 Expiry: 10.11.15 Price : £3,050,000 Price : £2,100,000 NIY : 8.32% NIY : 11.25%
Location: Lincoln Location: Normanton Tenant: MKM Building Tenant: Yesss Electrical Supplies Type: Industrial Type: Trade Counter Rent: £282,300pa Rent: £192,012 pa Expiry: 18.06.22 Expiry: 10.06.2022 Price : £4,250,000 Price : £2,325,000 NIY : 6.28% NIY : 6.9% RY: 7.0% + 26 Tenants
Enact Properties Ltd - 2.76% Regus (Maidstone West Malling) Ltd - 2.45% Multi-let - 2.19% JTF Wholesale Ltd - 2.13% Teleperformance Ltd - 2.04% Wickes Building Supplies - 1.98% Staples UK Ltd & Staples Inc - 1.84% Restore Document Management - 1.77% Superdrug Stores PLC - 1.66% Poundland Ltd - 1.66% R Stratton & Co Ltd - 1.61% Portola Packaging Ltd - 1.56% Mattioli Woods PLC - 1.53% Royal Mail Group Limited - 1.43% Revlon International Corporation - 1.41% Amco Services (International) Ltd - 1.38% MKM Buildings Supplies Ltd - 1.32% Turpin Distribution Services Ltd - 1.32% Hellermann Tyton - 1.24% Yesss (B) Ltd - 1.24% Massmould Ltd - 1.23% Co-Operative Group Food Ltd - 1.18% Mecca Bingo Limited - 1.16% Edwards Geldards LLP - 1.13% BSS Group Ltd - 1.1% Sappa Profiles UK Ltd - 1.33% Magnet Ltd - 1.09% Pizza Hut (UK) Ltd - 1.07% DX Network Services Ltd - 1.06% Laura Ashley - 1.06% Premier Inn Hotels Ltd - 1.05% Geocel Limited - 1.03% Morrisons - 0.99% Marshall Motor Group Ltd - 0.99% Multi-let - 0.97% Unilin Distribution Ltd - 0.96% URBN UK Ltd - 0.96% Sainsburys - 0.95% Tesco Stores Ltd - 0.92% Ryland Properties Ltd - 0.92% Elma Electronics Ltd - 0.9% Constantine Ltd - 0.88% Lakeside Superbowl Limited - 0.88% Specsavers Optical Superstores Ltd - 0.88% Travelodge Hotels Ltd - 0.88% Reiss Ltd - 0.87% Brenntag UK Ltd - 0.87% DHL Express (UK) Ltd - 0.85% Emerson Network Power - 0.83% Lyons Davidson - 0.83% Semcon - 0.79% Waterstones Booksellers Ltd - 0.78% Ichor Systsems Ltd - 0.77% EAF Supply Chain Ltd - 0.72% Digby Brown LLP - 0.71% Regus - 0.71% JD Wetherspoon Plc - 0.68% RBS - 0.68% West Midlands Ambulance Service NHS Trust - 0.66% WH Smith Retail Holdings Ltd - 0.66% Burton/Dorothy Perkins - 0.64% Allen Ford (UK) Ltd t/a Kia - 0.63% TJ Morris t/a Homebargains - 0.63% Honda Motor Europe Ltd - 0.61% The White Company (UK) Ltd - 0.61% Synergy Health (UK) Ltd - 0.6% Triumph Structures Farnborough Ltd - 0.6% Powder Systems Ltd - 0.59% Cotswold Outdoor Ltd - 0.59% Greggs PLC - 0.57% MTS Logistics - holding over - 0.56% Bunzl UK Ltd - 0.55% Top Man Ltd - 0.55% Prezzo PLC - 0.53% Pets at Home Ltd - 0.53% Central Manchester University Hospitals NHS Foundation Trust - 0.48% DHL International Ltd - 0.52% Sealed Air Ltd - 0.52% Game Retail Ltd - 0.51% Bright Horizons Family Solutions Ltd - 0.5% Unit A, National Court - VACANT - 0% Sportswift Ltd - 0.5% Stonegate Pub Co Ltd - 0.5% Las Iguanas Ltd - 0.48% Phase Eight (Fashions & Designs) Ltd - 0.48% Age Scotland - 0.47% PHS Group - 0.46% Poundstretcher - 0.44% Carpetright - 0.44% Kruidvat Real Estate UK Ltd - 0.42% Synertec Ltd - 0.42% DHL Global Forwarding (UK) Ltd - 0.4% Wilko Retail Ltd - 0.4% Le Bistrot Pierre - 0.39% The Works Stores Ltd - 0.39% Multi tenanted - Resi - 0.4% Global Furniture Alliance Ltd - 0.37% House of Fraser - 0.37% Iceland Foods Ltd - 0.37% Andrew Page Limited - 0.36% Metaswitch Networks - 0.36% Multi tenanted - Phoenix Park - 0.35% H Samuel - 0.33% Portsmouth City Council - 0.33% EE Ltd - 0.33% Lush - 0.31% Sovereign Air Movement Ld - 0.31% Kuoni Travel Ltd - 0.3% W H Smith &Co - 0.3% Your Phone Care Ltd - 0.28% Chesham Insurance Limited - 0.29% Multi Tile Ltd t/a Tile Giant - 0.26% Loungers Ltd - 0.26% Whistles Holdings Ltd - 0.25% Gamestec Leisure Ltd - 0.22% Reid Lifting Ltd - 0.22% F1 autocentres - 0.22% Knutsford Day Nursery Ltd (Bupa Investments Ltd Guarantor) - 0.22% Savers Health & Beauty Ltd - 0.21% Bathstore.com - 0.19% Majestic Wine Warehouse Ltd - 0.19% Acorn Web Offset Ltd - 0.19% Done Brothers (Cash Betting) Ltd t/a Betfred - 0.18% KFC - 0.18% U/O to Alsan Jewellery Ltd - 0.17% Leeds BS - 0.15% Halfords Ltd - 0.15% Noa Noa - 0.13% Coral - 0.13% Plumbase Ltd (Grafton Merchanting GB Ltd) - 0.13% Framemakers Galleries Ltd - 0.16% David Frank Askew - 0.11% Jurassic Coast Coffee Ltd t/a Costa Coffee - 0.11% The Thomas Cook Group Limited - 0.1% P.Morgans Bakery Limited - 0.1% River Island Clothing ltd - 0.09% Castle Energy Services Ltd - 0.09% R Scott Bathrooms Ltd - 0.08% The Solder Connection Ltd - 0.08% The Gas Transportation Co Ltd - 0.07% PDC Utility Services Ltd - 0.07% M.H. Roberts Limited - 0.07% Qlite Ltd - 0.07% Subway - 0.06% Salvation Army Trading Company - 0.03% Bradbourne Drive - VACANT - 0% Crewe - VACANT - 0% Portsmouth - VACANT - 0% Redcar - VACANT - 0% Chepstow - VACANT - 0% Edinburgh - VACANT - 0% Edinburgh - VACANT - 0% 27 Important
This document (“Document”), which relates to Custodian Reit Plc (“Custodian REIT”), has been issued and approved by Custodian Capital Limited (the "Company") a company authorised under the Financial Services and Markets Act 2000 and regulated by the Financial Conduct Authority in England and Wales. The Company is solely responsible for it and its contents.
Estimated and target figures in this Document are based on unaudited information. Those figures and any other statements that are, or may be deemed forward-looking statements, which relate, inter alia, to Custodian REIT’S proposed strategy, plans and objectives have not been subject to formal verification. They involve known and unknown risks, uncertainties and other important factors beyond the control of the Company or Custodian REIT that could cause the actual performance or achievements of Custodian REIT to be materially different from such forward-looking statements. They do not represent and should not be regarded as representing forecasts of the performance of Custodian REIT. Accordingly, you should not rely on any forward-looking statements and the Company accepts no obligation to disseminate any updates or revisions to such forward-looking statement. Custodian REIT shares are intended to be admitted to trading on a public stock market and as a result the price at which shares will be tradable will vary according to market conditions and may not reflect their net asset value.
No undertaking, representation, warranty or other assurance is given, and none should be implied, as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information or opinions contained in this Document. The information contained in this Document is subject to completion, alteration and verification. And has not been verified by the Company. Save in the case of fraud, no liability is or will be accepted for such information by the Company, Custodian REIT or any of their respective directors, officers, employees, agents or advisers or any other person.
This Document is an advertisement and does not constitute a prospectus and does not constitute, or form part of, any offer of, or invitation to apply for, securities nor shall it, or the fact of its distribution, form the basis of or be relied upon in connection with any contract or commitment to acquire any securities. Copies of the prospectus of Custodian REIT, if published, will be available from the registered office of Custodian REIT.
Recipients of the information contained within this Document who are considering acquiring shares in the Custodian REIT are reminded that any such purchase or subscription must be made only on the basis of the information contained in the prospectus relating to the Custodian REIT in its final form, which may be different from the information contained in this Document. No reliance may be placed, for any purposes whatsoever, on the information contained in this Document or on its completeness and this Document should not be considered a recommendation by the Company or Custodian REIT or any of their respective directors, officers, employees, agents or advisers in connection with any purchase of or subscription for securities of Custodian REIT.
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