Ediston Property Inv Comp PLC Sunderland, Pallion Retail Park - Lease activity (5545P)
11 February 2019 - 6:00PM
UK Regulatory
TIDMEPIC
RNS Number : 5545P
Ediston Property Inv Comp PLC
11 February 2019
11 February 2019
Ediston Property Investment Company plc
Sunderland, Pallion Retail Park - Lease activity secures
increases in passing rents
Ediston Property Investment Company plc (LSE: EPIC) ('the
Company') announces that it has successfully completed two further
lease transactions at Pallion Retail Park, Sunderland.
GO Outdoors signed an Agreement for Lease (AFL) on unit 2, which
comprises 11,345 sq. ft., in June 2018. The AFL was conditional on
the Company carrying out various repairs to the property. These
repairs were required following the Company securing early
possession of the unit from B&M following its relocation to
larger premises on the park. The works have now been undertaken and
a new 10-year lease with a five-year break clause has been
completed. The rent passing of GBP187,192 per annum is 20% higher
than the rent paid by the previous tenant.
The Company has also completed a lease renewal with The
Wallpaper Warehouse on the 6,000 sq. ft. unit 4. The tenant has
signed a 10-year lease with a five-year tenant break option. The
new rent per annum is 7% higher than the rent at expiry.
Calum Bruce, Director of Investment at Ediston Properties
Limited, the Company's Investment Manager, said: "Despite the
headwinds in the retail market, we continue to secure both new and
existing tenants for our retail warehouse portfolio. These two
transactions have secured GBP274,000 p.a. for the Company and show
that it is possible to move rents forward on good quality retail
warehouse park assets."
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
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 31 December 2018 it owned 17 properties with
a value of GBP332m.
Portfolio management services are undertaken by Ediston
Properties Limited, which currently manages property assets across
the UK for institutional investors.
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END
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