EPIC's St Philips Point fully let

RNS Number : 4980R

Ediston Property Inv Comp PLC

12 December 2016

 

Ediston Property Investment Company plc

St Philips Point, Birmingham 100% let - new letting to AXA Insurance UK

Ediston Property Investment Company plc (LSE: EPIC) (the "Company") announces that it has fully let St Philips Point, Birmingham, following a letting to AXA Insurance UK plc.

AXA Insurance UK plc has leased the eighth floor at a rent of £129,600 per annum and now occupies five floors within the property, totalling around 33,000 sq ft.  The new lease expires in 2021.

This transaction completes a successful asset management programme for the property, in which all the vacant space has been filled.

In June, AXA Insurance UK plc restructured its then existing leases over the fourth to sixth floors, totalling 22,268 sq ft, and increased its presence in the property by taking a new lease on the previously vacant seventh floor of 5,399 sq ft.  In May, the lower ground floor was let to David's Bridal, which has opened a flagship store of 15,000 sq ft.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "Understanding the occupational needs of the tenants has helped us secure 100% occupancy of the property, which has enhanced both its income stream and capital value."

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 ([e-mail])

James Whitmore ([e-mail])

R&H Fund Services Limited (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 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 30 September 2016, it owned 13 properties with an aggregate value of £181.4 million.

Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.

 

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