LONDON (Alliance News) - Ediston Property Investment Company PLC said Thursday it has exchanged contracts to buy the Abbey Retail Park in Daventry from Threadneedle Property UK Select Fund for GBP12.0 million.
Ediston said the yield will be 7.80% when the park is fully let. The property consists of 63,160 square foot of retail warehousing on a five acre site.
The weighted average unexpired lease term is just under ten years, Ediston said.
"This purchase is in line with our strategy of acquiring quality assets with good, core income streams, but with angles to be exploited through active asset management and a focused letting strategy. We are confident that we will be able to attract high calibre tenants to the vacant units," said Director of Investment and Investment Adviser Calum Bruce in a statement.
Shares in Ediston are untraded Thursday morning, it last closed at 110.74 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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