Custodian REIT

What Custodian REIT does

Custodian Property Income REIT plc (LSE: CREI) is a UK-listed closed-ended Real Estate Investment Trust established in 2014 and domiciled in Leicester, England. The company invests in UK commercial real estate properties valued between £2 million and £15 million — a segment of the market too small for large institutional buyers but too large for typical retail purchasers. Its £594.4 million property portfolio at FY2025 spans four asset categories: industrial (warehouses and distribution centres), office, retail (including retail warehouse parks), and other commercial assets (leisure, healthcare, automotive).

The company generates revenue primarily through contractual rental payments from institutional-grade tenants on long-term leases, supplemented by capital appreciation from active asset management and strategic acquisitions. Tenants include MTS Logistics, Nationwide Platforms, JD Sports Gyms, B&M Retail, Wickes, Dreams Ltd, Enact Conveyancing, and emerging-economy operators such as Altilium Clean Technology (EV battery recycling). The portfolio is fully let, with like-for-like contractual rent rising 3.4% to £49.2m in FY2026.

The investment strategy is distinctive: rather than purchasing individual properties, Custodian acquires majority shares in privately owned family property companies, offering sellers liquidity and tax-efficient exits via REIT shares. In FY2026 the company completed three such acquisitions totalling £63.8m, including Grove Court Properties (£35.9m) and Scorpion Properties (£8.5m). The REIT is managed by Custodian Capital Limited, part of the Mattioli Woods plc group, and operates under UK REIT tax rules that exempt qualifying rental income from corporation tax in exchange for mandatory income distribution (dividends of 6.0p per share, covered 101.3% in FY2025).

Name

Custodian REIT

Legal name

Custodian Property Income REIT plc

Website

https://www.custodianreit.com/

Company type

Public

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Custodian Property Income REIT plc (LSE: CREI) is a UK-listed closed-ended REIT that invests in smaller regional UK commercial properties valued £2m–£15m, letting them to institutional-grade tenants on long leases. It targets family-owned property companies, offering tax-efficient share-based exits.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Commercial real estate investment
• Real estate investment trust
• UK property portfolio
• Commercial property leasing
• Property income fund

Headquarters

HQ city

Leicester

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure

Revenue model

1. Commercial Property Rental Income: Primary revenue from contractual rental payments from institutional-grade tenants across industrial, office, retail, and other commercial properties throughout the UK. Properties are fully let with long-term leases generating stable recurring income.
2. Capital Appreciation: NAV growth through active asset management, property valuation appreciation, and strategic portfolio expansion via acquisitions. The REIT seeks to deliver capital growth alongside income through portfolio value enhancement.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Custodian Property Income REIT is a UK closed-ended Real Estate Investment Trust that invests in smaller regional commercial properties valued between £2 million and £15 million. The portfolio spans industrial, office, retail, and other commercial assets leased to institutional-grade tenants on long-term contracts, generating recurring rental income for shareholders alongside capital growth potential. The company acquires majority shares in family-owned property businesses, providing tax-efficient exits and succession solutions through REIT share structures.

Product overview

Custodian Property Income REIT is a closed-ended UK Real Estate Investment Trust that provides investors access to a diversified portfolio of UK commercial real estate. The company operates as a single unified investment vehicle focused on properties valued between £2 million and £15 million. The portfolio is organized into four main asset categories: Industrial properties (warehouses, distribution centers), Office properties (commercial office space), Retail properties (high street and retail parks), and Other properties (miscellaneous commercial). The company targets smaller regional UK properties let to institutional-grade tenants on long leases, with a strategy focused on family property company acquisitions providing liquidity and tax-efficient exits for sellers.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Portfolio – Industrial

Quantifiable outcome

• 3.4% like-for-like contractual rent increase to £49.2m (FY2026)
• +3 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Real Estate Investors plc: AIM-listed UK mid-market commercial property company acquiring and managing regional office, retail, and industrial assets — closest peer by asset size band (£5m–£20m), income focus, and mid-market regional concentration.
• Abrdn Property Income Trust: UK-listed diversified commercial property trust investing across UK real estate — comparable UK closed-end REIT structure targeting income from diversified regional commercial assets.
• Ediston Property Investment Company: UK-listed REIT investing in UK commercial property with a focus on income generation across retail, office, and industrial — comparable closed-end structure, UK-only mandate, and income-oriented investor base.
• LXi REIT plc: UK-listed REIT focused on long-let, institutional-grade commercial property with index-linked rent reviews — comparable UK listed REIT with institutional-grade tenants and long-lease structure, though typically larger asset sizes.
• Balanced Commercial Property Trust: UK-listed diversified REIT investing across UK commercial real estate — directly comparable diversified mandate and income-focused investment approach.
• Regional REIT: UK-listed smaller-cap commercial property REIT focused on regional offices and industrial assets across the UK mid-market — directly comparable in property size band, tenant type, and yield profile to Custodian REIT's portfolio.
• Schroder Real Estate Investment Trust: UK-listed diversified commercial property REIT focused on sub-£30m regional assets with a mix of office, industrial, retail, and alternative uses — comparable portfolio construction and target asset size band.
• BMO Commercial Property Trust: UK-listed diversified commercial property fund investing across office, retail, and industrial — comparable as a UK-listed closed-end property vehicle targeting income and capital growth.
• Helical plc: UK-listed REIT specialising in office-led repositioning and development across London and the South East — comparable as a UK listed commercial REIT with active asset management driving value uplift.

Others

• Mattioli Woods plc: Parent company of Custodian Capital Limited (the REIT's investment manager) — adjacent as the parent wealth management group providing fund management infrastructure to CREI.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/showcase/custodian-reit-plc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Custodian REIT