Disposal of Midland Bridge House, Bath

RNS Number : 5053T

Ediston Property Inv Comp PLC

25 November 2021

 

25 November 2021

Ediston Property Investment Company plc ('the Company')

(LEI: 213800JRL87EGX9TUI28)

Disposal of Midland Bridge House, Bath

Ediston Property Investment Company plc (LSE: EPIC) announces that it has sold its office building, Midland Bridge House, Bath, for £5.925m. The net initial yield is 5.7%, which is in line with the 30 September 2021 valuation. The property extends to c. 18,500 sq. ft. and is let to Royds Withy King until March 2029.

The sale is in line with the Company's new strategy to sell its office portfolio and to reinvest the proceeds in retail warehouses.

Calum Bruce, Investment Manager, commented:

"This is the first office sale since we announced our new strategy in Q3. Progress is being made with our other office sales and we are actively looking at reinvestment opportunities. We want to acquire retail warehouse assets which are more suited to our intensive style of asset management."

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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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