22 Jun 2015 07:00
22 June 2015
Ediston Property Investment Company plc
("EPIC"), or (the "Company")
EPIC SIGNS MAJOR OFFICE LETTING IN EDINBURGH
Ediston Property Investment Company plc (LSE: EPIC) announces that it has let the entire office property at 145 Morrison Street, Edinburgh, to Capita Business Services Limited.
Capita has entered into a 15-year lease, without a break clause, for the recently-completed 26,894 sq. ft. office building in the centre of Edinburgh. The rent is £676,136 per annum, reflecting an overall rate of £25.14 per sq. ft. This building constituted the largest void in the Company's portfolio.
145 Morrison Street is a Grade A office over ground and four upper floors. The property is located between the newly refurbished Haymarket Train Station, the EICC and heart of the Exchange District, one of Edinburgh's key financial services locations.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Adviser, said: "Securing a firm of Capita's stature is testament to the quality of the building and strength of the location. The asset was developed to be a headquarters building for a single occupier and it is satisfying to see that happen".
Contacts
Ediston Properties Limited (Investment Adviser) 0131 225 5599
Calum Bruce
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Neil Brierley
Dominic Waters
David Yovichic
Tavistock 020 7920 3150
James Whitmore (jwhitmore@tavistock.co.uk)
Jeremy Carey (jcarey@tavistock.co.uk)
R&H Fund Services Limited (Company Secretary) 0131 524 6140
Martin Cassels
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 will seek to acquire assets which offer (or have the potential to offer) a secure income stream, with unexpired terms in line with the market average, secured against good covenants. It will typically target assets which have a net initial yield in excess of 6.5 per cent., although it may hold assets with a lower net initial yield if there are portfolio benefits.
The Company launched in October 2014 with the acquisition of an initial £76.7m diversified portfolio of UK commercial properties.
Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.