Barnsley, Barnsley East Retail Park - New letting
6 February 2019
Ediston Property Investment Company plc
Barnsley, Barnsley East Retail Park - New letting
Ediston Property Investment Company plc (LSE: EPIC) ('the Company') announces that it has signed a lease on unit B, Barnsley East Retail Park, with B&M Retail Limited ('B&M'). The new letting has increased B&M's occupation on the park by 40%.
B&M occupy the adjoining unit A which extends to c. 25,000 sq. ft. on a lease expiring in September 2027. Unit B, which extends to c. 10,000 sq. ft., was previously occupied by Carpetright, who completed a Company Voluntary Arrangement (CVA) in 2018. Under the terms of the CVA the Company was able to secure vacant possession of the unit to facilitate the new letting.
B&M has signed a lease on unit B and will trade from both units as a single store. The leases on both units will now expire in September 2027. The rent payable on units A and B will be £330,062 per annum, a small reduction of £5,688 per annum from the combined rental income receivable prior to the CVA. However, the new lease to B&M was granted before any lengthy void periods and without any rent free or other incentives being paid. Further, under this agreement, the lease expiry date on unit B was extended from September 2019 to September 2027.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "We have been able to provide the right solution for the occupational needs of one of our tenants. This letting shows that well-located retail parks, let off affordable rents remain in demand and that CVAs can be exploited to our advantage."
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
Kaso Legg Communications
Ben Robinson 0203 137 7821
Stephanie Ross 0203 137 7784
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 2018 it owned 17 properties with a value of £332m.
Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.
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