8 Aug 2017 07:00
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 £20,510,602 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 £25.00 per sq. ft. to in excess of £30.50 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 £76.7m diversified portfolio of UK commercial properties. In July 2015 it raised £35.9 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 £191.91 million.
Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.