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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December 14, 2021 02:00 ET (07:00 GMT)

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