LONDON (Alliance News) - Ediston Property Investment Company PLC said Tuesday it has acquired an office property in Bath from a private investor for GBP4.4 million.
It will fund the acquisition from its existing cash reserves. The property is 18,500 square feet, and is let to solicitors Withy King LLP for a term expiring in March 2023. The rent rises to GBP323,330 per year, or GBP17.50 per square foot, in March 2017 so producing a yield of 7% at that point. There is a rent review in March 2018.
Shares in Ediston are trading up 0.4% at 109.19 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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