Disposal of two offices

RNS Number : 5071V

Ediston Property Inv Comp PLC

14 December 2021

 

14 December 2021

Ediston Property Investment Company plc ('the Company')

(LEI: 213800JRL87EGX9TUI28)

Disposal of two offices

Ediston Property Investment Company plc (LSE: EPIC) announces that it has sold its office buildings in Edinburgh (145 Morrison Street) and Newcastle (Citygate II). The headline price of £31,435,000 is 3.4% below the 30 September 2021 valuation for these properties, but is above book cost. Once deductions for topped up rents and rent-free periods are factored in, the net receipt to the Company is £30,496,770.

These sales are in line with the Company's revised strategy, announced in quarter three, to sell its office portfolio and to reinvest the proceeds in retail warehouses, a sector in which the Investment Manager has considerable experience as an investor, developer and asset manager.

Calum Bruce, Investment Manager, commented:

"We have now sold three of our four office properties since we announced our new strategy. We are actively looking at reinvestment opportunities in the retail warehouse sector which are 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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