StockMarketWire.com - Ediston Property Investment Co's net asset value at 31 December was £96.0m, or 101.1 pence per share - an increase of 5.1% (after launch and portfolio acquisition costs).

The company has issued results from the date of its incorporation on 17 June until the end of its first accounting period on 30 September. This regularises the company's reporting periods. The company did not trade during the period. It received no income and incurred no expenditure during the period and therefore did not make a profit or a loss.

But it says series of events have taken place since 30 September.

On 27 October the company issued 94,950,000 ordinary shares at a premium of £0.99 through a placing and offer for subscription. These shares, together with the 50,000 shares already in issue, were admitted to listing on 28 October. The company and its subsidiary entered the REIT regime with effect from 31 October following the submission of the relevant notice to HMRC. On the same day, in accordance with the prospectus, the initial property purchases were made.

The company completed purchases in Edinburgh, Sheffield and Reading at a cost of £39.25m. On 7 November, the second tranche of properties was purchased at a cost of £37.45m, via the purchase of a Unit Trust holding properties in Birmingham and Rhyl. On 14 November, these properties became directly owned by the company.

On 23 December, the company completed a lease renegotiation on Cutler's Gate, Sheffield. The company granted a reversionary lease to the existing tenant which extends the unexpired term from 10 years to 25 years and replaces the five yearly upward only rent review provisions with annual uplifts in line with the Retail Price Index (RPI) throughout the term. The RPI increase is capped at 3.00% per annum and collared at 0.00% per annum. A lease incentive of £3.4m was paid and is recorded within deferred income.

At 31 December, the company's properties were valued at £84.1m by Knight Frank LLP in its capacity as external valuer. The valuation included the Sheffield lease incentive and once this is deducted the valuation for the purposes of the net asset value as at 31 December is reduced to £80.7m. The net asset value of the company as at 31 December was £96.0m, or 101.1 pence per share, an increase of 5.1% on the Company's net asset value (after launch and portfolio acquisition costs).


At 9:03am: [LON:EPIC] Ediston Property Investment Company Plc Ord 1p share price was +0.13p at 105.88p



Story provided by StockMarketWire.com