26th Jan 2015 09:17
LONDON (Alliance News) - Ediston Property Investment Company PLC Monday reported a 5.13% rise in its net asset value between its launch and the end of last year.
In a statement, the company said its unaudited NAV was GBP96.03 million, equivalent to 101.08 pence per share, at the end of 2014, after launch and portfolio acquisition costs.
Ediston Property Investment Co acquired its initial portfolio for GBP76.7 million since its launch on October 28 last year, after it raised GBP95.0 million of equity before costs and expenses in its initial public offering.
"Our focus is on the deployment of the remaining capital raised at IPO with the acquisition of suitable properties and in securing a debt facility across the whole portfolio," Danny O'Neill, managing director of Ediston Properties Ltd, the company's investment adviser, said.
"The improvement in the security of income and on the average lease length within the portfolio will aid those discussions and we are confident of agreeing terms for the facility within the first quarter of 2015," O'Neill added.
Ediston Property Investment Company shares were up 0.9% at 106.99 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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