Completion of final office asset disposal

RNS Number : 2903G

Ediston Property Inv Comp PLC

29 March 2022

 

29 March 2022

Ediston Property Investment Company plc (the 'Company')

(LEI: 213800JRL87EGX9TUI28)

Completion of final office asset disposal

Further to its announcement of 22 February, the Board of the Ediston Property Investment Company plc (LSE: EPIC) confirms that it has completed the sale of its final office asset, St Philips Point, Birmingham. The headline price of the disposal was £24,500,000, which, as previously advised, is 3.9% below the 31 December 2021 valuation.

The impact of the sale will be accounted for as part of the overall movement in the portfolio value in the next NAV announcement, for the quarter ending 31 March 2022, to be made in April 2022.

The sale is in line with the Company's revised strategy, announced in Q3 2021, to sell its office assets and to reinvest the proceeds in retail warehouses, a sector which the Company believes has good potential for both income and capital growth.

Calum Bruce, Investment Manager, commented:

"We have completed the first phase of our revised strategy, to pivot towards the retail warehouse sector. Good progress is being made in identifying suitable retail warehouse assets to acquire, which will provide the Company with an attractive level of income, as well as asset management opportunities to exploit."

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Enquiries
Will Barnett	- Investec Bank plc	0207 597 5873
Calum Bruce	- Ediston Properties Limited	0131 225 5599
Ruth Wright	- JTC	0203 893 1011
Ben Robinson	- Kaso Legg Communications	0203 995 6672
Stephanie Ross	- Kaso Legg Communications	0203 995 6676

 

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