Ediston Property Inv Comp PLC Pets at Home lease extensions (3297H)
March 12 2018 - 3:00AM
UK Regulatory
TIDMEPIC
RNS Number : 3297H
Ediston Property Inv Comp PLC
12 March 2018
12 March 2018
Ediston Property Investment Company plc
Pets at Home lease extensions
Ediston Property Investment Company plc (LSE: EPIC) ('the
Company') announces that it has completed lease extensions with
Pets at Home at Clwyd Retail Park, Rhyl, and Plas Coch Retail Park,
Wrexham.
Pets at Home occupies 21,900 sq. ft. across the two assets and
has agreed to sign a five year lease extension on each unit in
exchange for a six month rent free period. The lease in Wrexham
will now expire in June 2027, and the lease in Rhyl will expire in
March 2025. The transactions secure over GBP350,000 of rental
income from a tenant with a good covenant, extend the Company's
weighted average unexpired lease term, and underline the commitment
of the tenant to these retail parks.
Calum Bruce, Director of Investment at Ediston Properties
Limited, the Company's Investment Manager, said: "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."
For further information:
Ediston Properties Limited (Investment Manager) 0131 225 5599
Calum Bruce
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Neil Brierley
David Yovichic
Lansons
David Masters 07825 427 514
Laura Cronin 0207 294 3607
Maitland Administration Services (Scotland) Limited (Company
Secretary)
Donald Cameron 0131 550 3763
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 and as of 31 December 2017 it owned 16 properties with
a value of GBP319.3m.
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
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