Letting at Abbey Retail Park, Daventry

RNS Number : 0923B

Ediston Property Inv Comp PLC

31 March 2017

 

 31 March 2017

Ediston Property Investment Company plc

Letting at Abbey Retail Park, Daventry

Ediston Property Investment Company plc (LSE: EPIC) ("the Company") announces that it has exchanged contracts to let 17,610 sq. ft. at Abbey Retail Park, Daventry, to B&M Retail Limited.  The retailer has agreed to sign a 10-year lease at a rent of £14 per sq. ft. per annum.  The lease will be on full repairing and insuring (FRI) terms.

The letting secures another high profile tenant for the property and will result in the retail park element being fully let.  To secure this letting and to provide the space needed by B&M, reconfiguration of the terrace of units and tenant engineering is required.  Only one kiosk unit extending to 550 sq. ft. remains vacant but there is good tenant interest in this space.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "Securing this tenant required a pro-active management approach, which is illustrative of the Ediston style of asset management - understanding the needs of tenants and creating the space they require.  This letting improves the income stream of the Company and reduces the void rate from 3.0% to 1.5%".

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  

Lansons                                                                                              0207 294 3607

Laura Cronin                                                                                     

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 31 December 2016, it owned 13 properties with an aggregate value of £182.07 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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