Kepler Trust Intelligence: New Research

RNS Number : 9607H

Ediston Property Inv Comp PLC

21 November 2018

 

Ediston Property Investment Company: New research 

21/11/18         

Highlights:

·     Ediston invests in commercial property, placing a particular emphasis on asset management to generate income and capital growth

·     The trust's investment approach is highly valuation-sensitive and contrarian

·     Led by Calum Bruce, the management team takes a multi-sector approach but is not benchmark-driven, so is happy for the portfolio to build up a heavy exposure to the sector in which it finds most value

·     Despite its contrarianism, the trust's NAV Returns have been in line with the sector since launch and it also pays a dividend, unlike most direct UK property trusts

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Ediston Property Investment Company invests in commercial property with a strong emphasis on asset management, with the intention of developing properties and generating rental and capital growth.

The trust aims to provide a covered and growing dividend, paid monthly. It has achieved this since it was fully invested. This year's dividend is on course for 4.5% year-on-year growth, with the trust yielding 5.5% on a forward-looking basis.

The focus on value has led the trust to invest heavily in the retail warehouse sub-sector. The managers believe that this sub-sector has been sold down irrationally along with retail properties in struggling high streets and shopping centres.

Recent purchases have increased the size of the trust to £350m in gross assets. The intention is to grow to £500m with future acquisitions.

Despite solid NAV performance and an above-average yield for its sector, the trust trades on a wider discount than its peers.

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