M&S signs Agreement for Lease at Wrexham

RNS Number : 4244R

Ediston Property Inv Comp PLC

01 March 2023

 

1 March 2023

Ediston Property Investment Company plc ('the Company')

(LEI: 213800JRL87EGX9TUI28)

M&S signs Agreement for Lease at Plas Coch Retail Park, Wrexham

Ediston Property Investment Company plc (LSE: EPIC) announces that it has completed an Agreement for Lease (AFL) with Marks and Spencer (M&S) at Plas Coch Retail Park, Wrexham.

On completion of landlord works, M&S will sign a 10-year lease on a newly created 21,000 sq. ft. unit and will pay a market rent which is 27% ahead of the independent valuer's Estimated Rental Value.

A separate unit of 4,000 sq. ft. will be created as part of the works, which will provide additional income to the Company once let. The Investment Manager believes the unit will be attractive to occupiers given it is adjacent to M&S.

The Investment Manager continues to progress lettings and lease restructures across the portfolio, with the aim of further improving the Company's income stream and weighted average unexpired lease term, and reducing the EPRA Vacancy Rate.

Calum Bruce, Investment Manager, commented:

"Securing a tenant of M&S's calibre is transformational for our asset and underscores the strength of the location and its attractiveness to national tenants. It also illustrates the preference of many retailers to choose out-of-town retail warehouse parks ahead of the high street and shopping centres as their favoured trading destinations."

End

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

 

END

 

 

STRDXGDDDSDDGXI