Acquisition of Property Portfolio

RNS Number : 4783W

Ediston Property Inv Comp PLC

07 November 2014

 



7 November 2014

EDISTON PROPERTY INVESTMENT COMPANY PLC

ACQUISITION OF PROPERTY PORTFOLIO

The Board of Ediston Property Investment Company plc (the "Company") is pleased to announce that the Company has today completed the acquisition of its initial property portfolio of five properties (the "Initial Property Portfolio") for an aggregate consideration of £76.7 million on the terms set out in the prospectus dated 16 October 2014.

The Initial Property Portfolio includes properties in prominent UK commercial locations with opportunities to enhance income by inter alia re-negotiating leases, refurbishing and then re-letting vacant space and/or implementing controlled pre let development plans.  Ediston Properties Limited, the Company's investment adviser, is currently exploring a number of opportunities to invest the remaining proceeds from the recent placing and offer for subscription.

The Company has served notice to HM Revenue & Customs that it qualifies as a real estate investment trust with effect from 31 October 2014.

Enquiries

Ediston Properties Limited Danny O'Neill Calum Bruce Rankin Laing	0131 225 5599
R&H Fund Services Martin Cassels	0131 524 6140

 

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