Ediston Prop Inv - M&S signs Agreement for Lease at Wrexham
01/03/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230301:nRSA4244Ra&default-theme=true
RNS Number : 4244R Ediston Property Inv Comp PLC 01 March 2023
1 March 2023
Ediston Property Investment Company plc ('the Company')
(LEI: 213800JRL87EGX9TUI28)
M&S signs Agreement for Lease at Plas Coch Retail Park, Wrexham
Ediston Property Investment Company plc (LSE: EPIC) announces that it has
completed an Agreement for Lease (AFL) with Marks and Spencer (M&S) at
Plas Coch Retail Park, Wrexham.
On completion of landlord works, M&S will sign a 10-year lease on a newly
created 21,000 sq. ft. unit and will pay a market rent which is 27% ahead of
the independent valuer's Estimated Rental Value.
A separate unit of 4,000 sq. ft. will be created as part of the works, which
will provide additional income to the Company once let. The Investment Manager
believes the unit will be attractive to occupiers given it is adjacent to
M&S.
The Investment Manager continues to progress lettings and lease restructures
across the portfolio, with the aim of further improving the Company's income
stream and weighted average unexpired lease term, and reducing the EPRA
Vacancy Rate.
Calum Bruce, Investment Manager, commented:
"Securing a tenant of M&S's calibre is transformational for our asset and
underscores the strength of the location and its attractiveness to national
tenants. It also illustrates the preference of many retailers to choose
out-of-town retail warehouse parks ahead of the high street and shopping
centres as their favoured trading destinations."
End
Enquiries
Will Barnett - Investec Bank plc 0207 597 5873
Calum Bruce - Ediston Properties Limited 0131 225 5599
Ruth Wright - JTC 0203 893 1011
Ben Robinson - Kaso Legg Communications 0203 995 6672
Stephanie Ross - Kaso Legg Communications 0203 995 6676
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END STRDXGDDDSDDGXI