Hull, Kingston Retail Park ? letting to B&M Retail

RNS Number : 2190N

Ediston Property Inv Comp PLC

08 May 2018

 

8 May 2018

Ediston Property Investment Company plc

Hull, Kingston Retail Park - new letting to B&M Retail Limited

Ediston Property Investment Company plc (LSE: EPIC) ('the Company') announces that it has signed an agreement for lease with B&M Retail Limited ('B&M') at Kingston Retail Park, Hull.

B&M has agreed terms to increase their occupation on the retail park by upsizing from a unit of 10,271 sq. ft. to one of 24,225 sq. ft.   B&M has agreed to lease unit 1b, which was occupied by Toys R Us, who entered administration earlier this year.

B&M has agreed to sign a 10 year lease at an annual rent of £302,813 and will receive an incentive of 12 months' rent free.  To facilitate the letting B&M will surrender the lease on their existing unit, which expires in 2021, providing another asset management opportunity for the Investment Manager.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "Identifying a tenant so soon after the demise of Toys R Us is positive, not just for the asset but for the out of town retail market as a whole.  It proves that there is good tenant demand for well-located retail parks. 

Agreeing this letting secures a good covenant on a long lease, factors which improve the quality of the Company's income stream.  We are already looking for a new tenant to take the smaller unit and are working on a few leads."

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               

David Masters                                                                                        07825 427 514

Michael Lach                                                                                           020 7294 3645   

Maitland Group (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 and as of 31 March 2018 it owned 17 properties with a value of £325.4m.

Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.

 

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