Ediston Property Investment Co PLC - London-based investor in office, retail and industrial commercial property - on Thursday says it sold its office building Midland Bridge House in Bath for GBP5.9 million. Net initial yield is 5.7%, in line with the September 30 valuation. Sale is part of Ediston Property's new strategy to sell its office portfolio and reinvest the proceeds in retail warehouses.
"This is the first office sale since we announced our new strategy in the third quarter. Progress is being made with our other office sales and we are actively looking at reinvestment opportunities. We want to acquire retail warehouse assets which are more suited to our intensive style of asset management," Ediston Property Investment's investment manager Calum Bruce commented.
Current stock price: 78.76 pence, up 0.5% on Thursday
Year-to-date change: up 13%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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