Letting at St Philips Point, Birmingham
24 May 2016
Ediston Property Investment Company plc
Letting at St Philips Point, Birmingham
Ediston Property Investment Company plc (LSE: EPIC) (the "Company") announces that it has exchanged contracts to let the entire lower ground floor accommodation at St Philips Point, Birmingham, to the US retailer David's Bridal.
The destination retailer will open a flagship store of 15,000 sq. ft., which will transform the shopping mall, which was predominantly vacant when the asset was acquired. David's Bridal is taking a 10-year lease at a rent of £225,000 per annum. The lease will be on full repairing and insuring (FRI) terms and will benefit from upwards-only rent reviews, based on annual RPI compounded and applied in year five, with an annual collar and cap of 1% and 3% respectively.
St Philips Point, acquired by the Company in 2014 for £22.4 million, reflecting a net initial yield of 7.2%, provides a total of 86,650 sq. ft. of offices on 10 floors and 15,000 sq. ft. of retail accommodation on the lower ground floor.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "This letting is a good example of the Ediston style of asset management: unlocking value from redundant space, transforming the retail offer, while creating an attractive income stream for the Company, with guaranteed rental growth".
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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