Ediston Property has announced that the acquisition of Plas Coch Retail Park in Wrexham for £22.4m (net of acquisition costs) from Diageo Pension Trust. The acquisition, which provides a net initial yield is 6.52% (rising to 7.35% in March 2016 on expiry of a rent-free period), will be funded from existing cash resources and completion is expected in the middle of December. Plas Coch has an area totalling 94,000 sq ft. It is let to seven national tenants and benefits and has a weighted average unexpired lease term in excess of 10 years. It is located adjacent to a Sainsbury’s supermarket and an Aldi foodstore and TK Maxx has recently relocated to the park from Wrexham town centre. Once this transaction completes, the Company will have invested £142m in 12 assets since listing in October 2014.
Ediston Property buys Wrexham’s Plas Coch retail Park for £22.4m : EPIC