Ediston Property Secures Extension To Store Leases From Pets At Home

12th Mar 2018 13:34

LONDON (Alliance News) - Ediston Property Investment Co PLC said Monday it has completed store lease extensions with FTSE 250-listed Pets at Home Group PLC at Clwyd Retail Park in Rhyl and Plas Coch Retail Park in Wrexham.

The pet products company currently occupies 21,900 square feet across the two assets, and has agreed to sign a five-year lease extension on unit in exchange for a six month rent free period. The Wrexham lease will now expire in June 2027, and the Rhyl lease in March 2025.

Both transactions secures around GBP350,000 of rental income for Ediston.

"We are always looking at ways to improve the company's income stream and completing these transactions does just that. Securing our tenant for a longer term could further benefit our property portfolio as it is expected to be beneficial to the capital value of each asset," said Calum Bruce, director of Investment at Ediston Properties Ltd.

Shares in Ediston Property were flat at 112.50 pence, while Pets at Home shares were up 0.8% at 176.30p on Monday.

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Related Shares:

EPIC.LPets at home