EPIC ACQUIRES LEISURE PORTFOLIO FOR £10 MILLION
04 September 2015
Ediston Property Investment Company plc
("EPIC", or the "Company")
EPIC ACQUIRES LEISURE PORTFOLIO FOR £10 MILLION
Ediston Property Investment Company plc (LSE: EPIC) announces that it has acquired three leisure properties for £10.00 million (net of acquisition costs), reflecting a net initial yield of 8.60%. The acquisition was funded from existing cash resources.
The properties comprise two units in Liverpool and Hartlepool, which are let to Mecca Bingo, and a third unit in Telford, part of the Southwater Square leisure development, which is let to Rank Group Gaming Division. All three leases expire in September 2022, giving an unexpired term of seven years. The passing rent of the properties is £910,085 per annum.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Adviser, said: "The purchase provides the company with a robust income stream at an attractive initial yield but with asset management angles to be exploited".
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For further information:
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Ediston Properties Limited (Investment Adviser) Calum Bruce
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0131 225 5599 |
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Canaccord Genuity Limited Will Barnett Neil Brierley Dominic Waters David Yovichic
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020 7523 8000 |
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Tavistock Jeremy Carey (jcarey@tavistock.co.uk) James Whitmore (jwhitmore@tavistock.co.uk)
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020 7920 3150 |
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R&H Fund Services Limited (Company Secretary) Martin Cassels |
0131 524 6140 |
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 will seek to acquire assets which offer (or have the potential to offer) a secure income stream, with unexpired terms in line with the market average, secured against good covenants. It will typically target assets which have a net initial yield in excess of 6.5 per cent, although it may hold assets with a lower net initial yield if there are portfolio benefits.
The Company launched in October 2014 with the acquisition of an initial £76.7m diversified portfolio of UK commercial properties.
Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.
This information is provided by RNS
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