Ediston Property Inv Comp PLC Hull, Kingston Retail Park - new lettings (0800U)
March 27 2019 - 2:00AM
UK Regulatory
TIDMEPIC
RNS Number : 0800U
Ediston Property Inv Comp PLC
27 March 2019
27 March 2019
Ediston Property Investment Company plc
Hull, Kingston Retail Park - new lettings
Ediston Property Investment Company plc (LSE: EPIC) ('the
Company') announces that it has successfully let three vacant units
to two new tenants at Kingston Retail Park in Hull. This follows on
from the letting to B&M last year, which increased its
representation on the park from 10,271 sq. ft. to 24,225 sq.
ft.
The Company has completed the lettings of units 5a, 5b and 5c
which extend to a total of 18,868 sq. ft. Iceland Foods Limited has
signed a ten-year lease, without break, on units 5b and 5c which
have a total area of 13,672 sq. ft. Iceland will trade the store as
a 'Food Warehouse'. Sue Ryder has signed a ten-year lease with a
five-year tenant break option on unit 5a, which extends to 5,196
sq. ft. If Sue Ryder were to exercise its break clause, it would be
required to pay the Company a penalty equivalent to six-months
rent. Both tenants have been granted a short rent-free period of
three months.
The retail park was acquired in December 2017. Units 5a, 5b and
5c were vacant, but benefited from a rental guarantee from the
previous owner, which was due to expire in December 2019. The
Company has paid for the reconfiguration of the units to facilitate
the lettings and has made a capital contribution to the tenants.
Allowing for an offset from the guarantee account, the net capital
cost to the Company was c. GBP484,000.
These transactions have secured GBP262,736 of income per annum
beyond the expiry of the rental guarantee period. As a result of
these lettings and the others which the Company has recently
announced, the EPRA vacancy rate has reduced from 6.3% as at 31
December 2018, to 3.1%.
Calum Bruce, Director of Investment at Ediston Properties
Limited, the Company's Investment Manager, said: "Whilst fully
accepting the challenging conditions for retail generally, the
leasing transactions announced by the Company thus far in 2019 in
Sunderland, Barnsley, Prestatyn and now Hull show that well located
retail parks, let off sensible rental levels, continue to be
attractive to retailers with propositions relevant to the needs of
their customers."
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
Kaso Legg Communications
Ben Robinson 0203 137 7821
Stephanie Ross 0203 137 7784
Maitland Group (Company Secretary) 0131 550 3763
Donald Cameron
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 2018 it owned 17 properties with
a value of GBP332m.
Portfolio management services are undertaken by Ediston
Properties Limited, which currently manages property assets across
the UK for institutional investors.
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END
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