Letting and lease restructure at St Philips Point
Ediston Property Investment Company plc
Letting and lease restructure at St Philips Point, Birmingham
Ediston Property Investment Company plc (LSE: EPIC) (the "Company") announces that it has completed a lease restructure and new letting at St Philips Point, Birmingham.
AXA Insurance UK plc ("AXA") has restructured its existing leases over the fourth to sixth floors totalling 22,268 sq ft and has increased its presence in the property by taking a new lease on the previously vacant seventh floor of 5,399 sq ft. It now occupies around 32% of the office accommodation at a total rent of £664,008 per annum. Each lease is for a ten year term with a five year tenant only break option.
This transaction follows the recent successful letting of the lower ground floor to David's Bridal, results in the building being approximately 95% let with only 5,328 sq ft available, and improves the income stream and capital value of the asset.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "This letting continues the successful asset management of the building following the completion of the refurbishment. The transaction reaffirms AXA's commitment to St Philips Point and underscores the quality of the product on offer."
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
Tavistock 020 7920 3150
Jeremy Carey (jeremy.carey@tavistock.co.uk)
James Whitmore (james.whitmore@tavistock.co.uk)
R&H Fund Services Limited (Company Secretary) 0131 550 3758
Gordon Humphries
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 with the acquisition of an initial £76.7m diversified portfolio of UK commercial properties. In July 2015 it raised £35.9 million by way of a placing and offer of ordinary shares as part of a placing programme. As at 31 March 2016, it owned 13 properties with an aggregate value of £181.0 million.
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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