25th Nov 2021 07:00
25 November 2021
Ediston Property Investment Company plc ('the Company')
(LEI: 213800JRL87EGX9TUI28)
Disposal of Midland Bridge House, Bath
Ediston Property Investment Company plc (LSE: EPIC) announces that it has sold its office building, Midland Bridge House, Bath, for £5.925m. The net initial yield is 5.7%, which is in line with the 30 September 2021 valuation. The property extends to c. 18,500 sq. ft. and is let to Royds Withy King until March 2029.
The sale is in line with the Company's new strategy to sell its office portfolio and to reinvest the proceeds in retail warehouses.
Calum Bruce, Investment Manager, commented:
"This is the first office sale since we announced our new strategy in Q3. Progress is being made with our other office sales and we are actively looking at reinvestment opportunities. We want to acquire retail warehouse assets which are more 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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