4 Apr 2018 07:00
4 April 2018
Ediston Property Investment Company plc
New Letting to Iceland at Clwyd Retail Park, Rhyl
Ediston Property Investment Company plc (LSE: EPIC) ('the Company') announces that it has completed an agreement for lease with Iceland Stores Limited ('Iceland') at Clwyd Retail Park in Rhyl.
Iceland has agreed to lease unit 7, which extends to 8,000 sq. ft. and is currently under construction. The unit is being built on previously undeveloped land which was identified at purchase as a potential asset management opportunity.
Completion is scheduled for May 2018, which is when the lease will commence. Iceland has agreed to sign a new 10 year lease at an annual rent of £128,000 and will receive a 12 month rent free period as part of the transaction. The income return on the capital expenditure is expected to be in excess of 11%.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "We started construction of the unit on a speculative basis as we were confident of identifying a tenant prior to completion. Securing Iceland shortly after extending the Pets at Home lease is hugely positive for the park."
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
Michael Lach 020 7294 3645
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 2017 it owned 16 properties with a value of £319.3m.
Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.