Sale of leisure asset, Mecca Bingo, Telford

RNS Number : 2574R

Ediston Property Inv Comp PLC

05 July 2022

 

5 July 2022

Ediston Property Investment Company plc (the 'Company')

(LEI: 213800JRL87EGX9TUI28)

Sale of leisure asset, Mecca Bingo, Southwater Square, Telford

Ediston Property Investment Company plc (LSE: EPIC) announces that it has completed the sale of its leisure asset at Southwater Square, Telford, which is let to Rank Group Gaming Division Limited on a lease which expires on 28 September 2022. The sale price of £5,000,000 is 67% above the most recent valuation of the property (31 March 2022). The property was acquired by an owner-occupier.

The sale is in line with the Company's revised investment strategy, announced in Q3 2021, to sell its office and leisure assets and to reinvest the proceeds in retail warehouses. Southwater Square was the last non-retail warehouse property in the portfolio.

The impact of the sale will be included in the next NAV announcement, for the quarter ended 30 June 2022, which will be made in the next few weeks.

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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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