12 Mar 2018 07:00
12 March 2018
Ediston Property Investment Company plc
Pets at Home lease extensions
Ediston Property Investment Company plc (LSE: EPIC) ('the Company') announces that it has completed lease extensions with Pets at Home at Clwyd Retail Park, Rhyl, and Plas Coch Retail Park, Wrexham.
Pets at Home occupies 21,900 sq. ft. across the two assets and has agreed to sign a five year lease extension on each unit in exchange for a six month rent free period. The lease in Wrexham will now expire in June 2027, and the lease in Rhyl will expire in March 2025. The transactions secure over £350,000 of rental income from a tenant with a good covenant, extend the Company's weighted average unexpired lease term, and underline the commitment of the tenant to these retail parks.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "We are always looking at ways to improve the Company's income stream and completing these transactions does just that. Securing our tenant for a longer term could further benefit our property portfolio as it is expected to be beneficial to the capital value of each asset."
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
Lansons
David Masters 07825 427 514
Laura Cronin 0207 294 3607
Maitland Administration Services (Scotland) Limited (Company Secretary)
Donald Cameron 0131 550 3763
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.