EPIC : Ediston Property buys initial portfolio
Ediston Property, which listed on 28 October, has announced that it has completed the purchase of its initial property portfolio for £76.7m.
The portfolio comprises, offices at 145 Morrison Street, Edinburgh; Offices at St Philips Point, Temple Row, Birmingham; Offices at Phoenix, Station Road, Reading; a retail park in Rhyl, and offices in Sheffield at Cutler’s Gate, Parkway.
The Initial Property Portfolio currently generates a net annual rent (including amounts to be drawn down under the Rental Guarantee) of approximately £5.72m (7.05% on market value). The average unexpired lease term of the occupational leases of the properties comprised in the Initial Property Portfolio (weighted by current gross annual rent and taking into account the Rental Guarantee) is approximately 5.03 years and all of the rent review provisions in occupational leases of the Properties are upwards only.