Ediston Property Investment Co PLC - London-based investor in office, retail and industrial commercial property - Buys Springkerse Retail Park in Stirling, for GBP21.9 million, in an off-market transaction. The price reflects an initial yield of 9.54%. The retail park was purchased from clients of LaSalle Investment Management, it says. The asset has 10 tenants and passing rent of GBP2.2 million per year. Tenants include B&Q, Pets At Home Group PLC and Halfords Group PLC. "The planned upgrades should improve the lettability of the two vacant units, providing an opportunity to increase the income stream and drive capital value. On completion of the letting of these two vacant units, the yield is expected to rise to 10.8%," Ediston adds.
Current stock price: 74.20 pence, up 2.2% on Wednesday
Year-to-date change: up 6.0%
By Eric Cunha; ericcunha@alliancenews.com
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