Custodian Property Income REIT plc (LSE: CREI) is a UK-based real estate investment trust that invests in a diversified portfolio of smaller regional commercial properties with individual values between £2 million and £15 million, let predominantly to institutional-grade tenants on long leases to deliver enhanced income returns and potential capital growth to shareholders. The company offers investors access to UK commercial real estate through a closed-ended fund structure, with property types including industrial and distribution; office; retail and retail warehousing; and alternative sectors, targeting robust tenants in areas with strong local economies, high residual land values, and supply-demand imbalances across the United Kingdom. Founded in 2014 and headquartered at 1 New Walk Place in Leicester, the REIT is externally managed by Custodian Capital Limited, a subsidiary of Mattioli Woods plc authorised by the Financial Conduct Authority, and maintains a target net gearing of 25% loan-to-value with a maximum of 35%. In June 2025, the company completed an all-share acquisition of Merlin Properties Limited, adding a £19.4 million portfolio of 28 small lot-size regional UK investment properties primarily in the East Midlands, generating £1.7 million in annual passing rent at a net initial yield of 8.1% from 99% occupancy, with 46% industrial weighting and broad tenant diversification that enhances earnings per share, dividend cover, and reduces net gearing to 25.8% loan-to-value while avoiding stamp duty land tax. Recent activities also include ongoing share buybacks totalling nearly £3.9 million since inception and asset disposals such as vacant offices in Castle Donington and an industrial unit in Sheffield.