- Ediston Property Investment Co has completed lease renegotiations on the 61,645 sq. ft. office property at Cutler's Gate, Parkway, Sheffield, with its sole tenant, Capita Business Services.

Ediston Property Investment has granted a reversionary lease which extends the unexpired term from 10 years to 25 years. The annual rent passing will remain at c.£1.05m but the five yearly upward only rent review provisions will be replaced by annual uplifts in line with the Retail Price Index (RPI) throughout the term. The RPI increase will be capped at 3.00% per annum and collared at 0.00% per annum.

The lease will remain in the name of Capita Business Services Limited but Ediston Property Investment has secured a new guarantee from Capita Business Services' parent, Capita plc, for the duration of the term.

Ediston Property Investment says transaction increases the weighted average unexpired lease term (WAULT) to lease breaks from 4.88 years to 7.63 years over the whole of the company's portfolio. The WAULT to lease expiries increases from 6.36 years to 9.12 years. Further, the transaction will have a positive impact on the NAV of the company, increasing it by £1.3m.

At 9:46am: [LON:EPIC] Ediston Property Investment Company Plc Ord 1p share price was +0.01p at 102.88p

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