Deal Snapshot
EDISTON PROPERTY INVESTMENT SELLS OFFICE BUILDING IN READING, UK
Friday 11 August 2017

UK-based REIT Ediston Property Investment Co plc (LSE: EPIC) has sold its office building, Phoenix, Reading, to Fidelity UK Real Estate Fund for GBP 20,510,602 (USD 26.61m), the company said. The company said that the price is not materially different to the valuation at 30 June 2017.
This property extends to c.52,000 sq. ft., is multi-let to four tenants, and has c. 6,000 sq. ft. vacant and to let. Ediston Property said it acquired the asset as part of the seed portfolio, in October 2014. On acquisition it had over 20,000 sq. ft. vacant and to let. The Investment Manager let 14,000 sq. ft. of this space to two new tenants, and moved the rental tone of the property from GBP25.00 per sq. ft. to in excess of GBP 30.50 per sq. ft.


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Details
Date Published: 11/08/2017
Target: Office building, Phoenix, Reading
Country: UK
Deal Size: 26.61m (USD)
Sector: Construction/Real Estate
Type: Closed
Financing: Cash
Status: Closed
Vendor: Ediston Property Investment
Buyer: Fidelity UK Real Estate Fund
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