Ediston Property Inv Comp PLC Disposal of Phoenix, Reading (3254N)
08 August 2017 - 4:00PM
UK Regulatory
TIDMEPIC
RNS Number : 3254N
Ediston Property Inv Comp PLC
08 August 2017
08 August 2017
Ediston Property Investment Company plc
LEI: 213800JRL87EGX9TUI28
Disposal, Phoenix, Reading
Ediston Property Investment Company plc (LSE: EPIC) ("the
Company") announces that it has sold its office building, Phoenix,
Reading, to Fidelity UK Real Estate Fund for GBP20,510,602 which is
not materially different to the valuation at 30 June 2017.
The property extends to c.52,000 sq. ft., is multi-let to four
tenants, and has c. 6,000 sq. ft. vacant and to let.
The asset was acquired by the Company, as part of the seed
portfolio, in October 2014. On acquisition it had over 20,000 sq.
ft. vacant and to let. The Investment Manager let 14,000 sq. ft. of
this space to two new tenants, and moved the rental tone of the
property from GBP25.00 per sq. ft. to in excess of GBP30.50 per sq.
ft.
Calum Bruce, Director of Investment at Ediston Properties
Limited, the Company's Investment Manager, said: "The sale of one
of the Company's mature assets is in line with the investment
strategy and provides us with capital to reinvest in opportunities
which are more suited to our intensive style of asset
management."
For further information:
Ediston Properties Limited (Investment Manager) 0131 225
5599
Calum Bruce
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Neil Brierley
Dominic Waters
David Yovichic
Lansons
David Masters 07825 427 514
Ed Hooper 07783 387 713
Maitland Administration Services (Scotland) Limited (Company Secretary) 0131 550 3763
Donald Cameron
Notes to editors:
Ediston Property Investment Company plc is a UK real estate
investment trust (REIT) with a premium listing on the Main Market
of the London Stock Exchange. The Company invests in UK commercial
real estate assets to achieve its objective of providing its
shareholders with an attractive level of income together with the
potential for capital and income growth. It invests principally in
three commercial property sectors: office, retail (including retail
warehouses) and industrial, without regard to a traditional
property market relative return benchmark. The Company launched in
October 2014 with the acquisition of an initial GBP76.7m
diversified portfolio of UK commercial properties. In July 2015 it
raised GBP35.9 million by way of a placing and offer of ordinary
shares as part of a placing programme. As at 30 June 2017, it owned
13 properties with an aggregate value of GBP191.91 million.
Portfolio management services are undertaken by Ediston
Properties Limited, which currently manages property assets across
the UK for institutional investors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISLLFVETEIDIID
(END) Dow Jones Newswires
August 08, 2017 02:00 ET (06:00 GMT)
Ediston Property Investm... (LSE:EPIC)
Historical Stock Chart
From Apr 2024 to May 2024
Ediston Property Investm... (LSE:EPIC)
Historical Stock Chart
From May 2023 to May 2024