Ediston Property Inv Comp PLC Letting and lease restructure at St Philips Point (5126B)
June 17 2016 - 2:00AM
UK Regulatory
TIDMEPIC
RNS Number : 5126B
Ediston Property Inv Comp PLC
17 June 2016
Ediston Property Investment Company plc
Letting and lease restructure at St Philips Point,
Birmingham
Ediston Property Investment Company plc (LSE: EPIC) (the
"Company") announces that it has completed a lease restructure and
new letting at St Philips Point, Birmingham.
AXA Insurance UK plc ("AXA") has restructured its existing
leases over the fourth to sixth floors totalling 22,268 sq ft and
has increased its presence in the property by taking a new lease on
the previously vacant seventh floor of 5,399 sq ft. It now occupies
around 32% of the office accommodation at a total rent of
GBP664,008 per annum. Each lease is for a ten year term with a five
year tenant only break option.
This transaction follows the recent successful letting of the
lower ground floor to David's Bridal, results in the building being
approximately 95% let with only 5,328 sq ft available, and improves
the income stream and capital value of the asset.
Calum Bruce, Director of Investment at Ediston Properties
Limited, the Company's Investment Manager, said: "This letting
continues the successful asset management of the building following
the completion of the refurbishment. The transaction reaffirms
AXA's commitment to St Philips Point and underscores the quality of
the product on offer."
For further information:
Ediston Properties Limited (Investment Manager) 0131 225 5599
Calum Bruce
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Neil Brierley
Dominic Waters
David Yovichic
Tavistock 020 7920 3150
Jeremy Carey (jeremy.carey@tavistock.co.uk)
James Whitmore (james.whitmore@tavistock.co.uk)
R&H Fund Services Limited (Company Secretary) 0131 550 3758
Gordon Humphries
Notes to editors:
Ediston Property Investment Company plc is a UK real estate
investment trust (REIT) with a premium listing on the Main Market
of the London Stock Exchange. The Company invests in UK commercial
real estate assets to achieve its objective of providing its
shareholders with an attractive level of income together with the
potential for capital and income growth. It invests principally in
three commercial property sectors: office, retail (including retail
warehouses) and industrial, without regard to a traditional
property market relative return benchmark. The Company launched in
October 2014 with the acquisition of an initial GBP76.7m
diversified portfolio of UK commercial properties. In July 2015 it
raised GBP35.9 million by way of a placing and offer of ordinary
shares as part of a placing programme. As at 31 March 2016, it
owned 13 properties with an aggregate value of GBP181.0
million.
Portfolio management services are undertaken by Ediston
Properties Limited, which currently manages property assets across
the UK for institutional investors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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