Custodian REIT
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.
- Company typePublic
- Founded2014
- HeadquartersLeicester, United Kingdom
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
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).
Custodian REIT firmographics
Firmographics- Name
- Custodian REIT
- Legal name
- Custodian Property Income REIT plc
- Website
- https://custodianreit.com
- Company type
- Public
- Founded year
- 2014
- 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
Custodian REIT industry classification
Industry- 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
Where Custodian REIT is headquartered
LocationHeadquarters
- HQ city
- Leicester
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Custodian REIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Others, Infrastructure
Revenue model
- 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.
- 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
Custodian REIT product offering
Product offeringCore 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
Companies that use Custodian REIT
Customer profileNamed customers9 records
Segments2 records
Ideal customer profiles3 records
Custodian REIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Custodian REIT partnerships and signals
Strategic signalScale indicators9 records
Recent moves5 records
Expansion highlights5 records
Custodian REIT competitors and assessment
Company assessmentDirect 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
Custodian REIT social profiles
Digital presenceCustodian REIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
Custodian REIT leadership team
Management profileNumber of profiles
Custodian REIT funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Custodian REIT M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Custodian REIT
What does Custodian REIT do?
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.
Is Custodian REIT a public or private company?
Custodian REIT is a public company. It is classified as public and is currently operating.
When was Custodian REIT founded?
Custodian REIT was founded in 2014. It employs 501 to 1,000 people.
Where is Custodian REIT based?
Custodian REIT is headquartered in Leicester, United Kingdom, in the Europe region.
How does Custodian REIT make money?
Two revenue lines are on record. Commercial Property Rental Income is the primary driver. The others are capital Appreciation.
Who are Custodian REIT's main competitors?
Direct peers on record are Real Estate Investors plc, Abrdn Property Income Trust, Ediston Property Investment Company, LXi REIT plc, Balanced Commercial Property Trust, Regional REIT, Schroder Real Estate Investment Trust, BMO Commercial Property Trust and Helical plc. Mattioli Woods plc is listed as an others.
Does Custodian REIT have an API?
No public API is recorded for Custodian REIT.
What industry is Custodian REIT in?
Custodian REIT's product category is Real Estate Investment Trust. Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of BPAJAMAJ, Real Estate Portfolio & Fund Management (Institutional/REIT/PE). Its NAICS code is 525 and its SIC code is 6798.