Ediston Property Inv Comp PLC Disposal of two offices (5071V)
14 Diciembre 2021 - 1:00AM
UK Regulatory
TIDMEPIC
RNS Number : 5071V
Ediston Property Inv Comp PLC
14 December 2021
14 December 2021
Ediston Property Investment Company plc ('the Company')
(LEI: 213800JRL87EGX9TUI28)
Disposal of two offices
Ediston Property Investment Company plc (LSE: EPIC) announces
that it has sold its office buildings in Edinburgh (145 Morrison
Street) and Newcastle (Citygate II). The headline price of
GBP31,435,000 is 3.4% below the 30 September 2021 valuation for
these properties, but is above book cost. Once deductions for
topped up rents and rent-free periods are factored in, the net
receipt to the Company is GBP30,496,770.
These sales are in line with the Company's revised strategy,
announced in quarter three, to sell its office portfolio and to
reinvest the proceeds in retail warehouses, a sector in which the
Investment Manager has considerable experience as an investor,
developer and asset manager.
Calum Bruce, Investment Manager, commented:
"We have now sold three of our four office properties since we
announced our new strategy. We are actively looking at reinvestment
opportunities in the retail warehouse sector which are suited to
our intensive style of asset management."
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
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