Ediston Property Inv Comp PLC Bath, Midland Bridge House - Lease restructure (2458C)
28 September 2018 - 4:01PM
UK Regulatory
TIDMEPIC
RNS Number : 2458C
Ediston Property Inv Comp PLC
28 September 2018
28 September 2018
Ediston Property Investment Company plc
Bath, Midland Bridge House - Lease restructure
Ediston Property Investment Company plc (LSE: EPIC) ('the
Company') announces that it has restructured its lease terms with
Royds Withy King ('the Tenant') at Midland Bridge House, Bath.
Royds Withy King occupy the entire property, which extends to c.
18,500 sq. ft., on a lease which had been due to expire in March
2023. The Company has signed an agreement to restructure the terms
of the Tenant's occupation of the property, effective from 27
September 2018.
Under the contract the Tenant has agreed to sign a six-year
lease extension, meaning the lease will now expire in March 2029.
They will receive an incentive equivalent to 5.8 months rent
free.
Royds Withy King will continue to pay a rent of GBP360,000 per
annum, which was agreed following the rent review in March 2018,
and which reflected an increase of 11.50% on the previous passing
rent.
Calum Bruce, Director of Investment at Ediston Properties
Limited, the Company's Investment Manager, said: "This transaction
shows that if you provide tenants with good quality accommodation,
which meets their requirements, then they will always be open to
extending their occupation. There are also benefits for the
Company; extending the unexpired lease term to over ten years
enhances the income stream of the property and is expected to
improve its capital value and liquidity too."
For further information:
Ediston Properties Limited (Investment Manager) 0131 225 5599
Calum Bruce
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Neil Brierley
David Yovichic
Kaso Legg Communications
Ben Robinson 0203 137 7821
Stephanie Ross 0203 137 7784
Maitland Group (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 and as of 30 June 2018 it owned 17 properties with a
value of GBP331.3m.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRFKODDOBKDDCB
(END) Dow Jones Newswires
September 28, 2018 02:01 ET (06:01 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