EPIC Ediston Property Investment Company Plc

TIDMEPIC

RNS Number : 2903G

Ediston Property Inv Comp PLC

29 March 2022

29 March 2022

Ediston Property Investment Company plc (the 'Company')

(LEI: 213800JRL87EGX9TUI28)

Completion of final office asset disposal

Further to its announcement of 22 February, the Board of the Ediston Property Investment Company plc (LSE: EPIC) confirms that it has completed the sale of its final office asset, St Philips Point, Birmingham. The headline price of the disposal was GBP24,500,000, which, as previously advised, is 3.9% below the 31 December 2021 valuation.

The impact of the sale will be accounted for as part of the overall movement in the portfolio value in the next NAV announcement, for the quarter ending 31 March 2022, to be made in April 2022.

The sale is in line with the Company's revised strategy, announced in Q3 2021, to sell its office assets and to reinvest the proceeds in retail warehouses, a sector which the Company believes has good potential for both income and capital growth.

Calum Bruce, Investment Manager, commented:

"We have completed the first phase of our revised strategy, to pivot towards the retail warehouse sector. Good progress is being made in identifying suitable retail warehouse assets to acquire, which will provide the Company with an attractive level of income, as well as asset management opportunities to exploit."

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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March 29, 2022 02:00 ET (06:00 GMT)

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