LONDON (Alliance News) - Ediston Property Investment Co PLC on Monday said it has acquired the Citygate office building in Newcastle for GBP19.0 million from Hanro Ltd.
Ediston said the purchase price reflects a net initial yield of 6.6% and will be funded by existing cash resources and an expansion of its existing financing facility with Aviva Commercial Finance Ltd.
The Citygate building is a modern office site with 63,524 square foot of office space.
Shares in Ediston were up 0.3% to 104.80 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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