StockMarketWire.com - Ediston Property Investment Company (LSE: EPIC) has exchanged contracts to acquire a B&Q Extra retail warehouse in Coatbridge, Scotland, from Harcourt Life Assurance Company for £16.80m (net of acquisition costs), which reflects a net initial yield of 7.46%.

The property extends to 103,000 sq. ft., plus a garden centre and builders' yard, with parking for 600 cars, on a site of 4.27 acres. It is let to B&Q until December 2022 with a rent review in 2017, and offers a solid income stream for the company, which can be further improved through asset management and development.

Calum Bruce, Director of Investment at Ediston Properties, the company's investment adviser, said: "This acquisition provides the Company with good secure income in the retail warehouse sector. We believe it is a property that offers a number of opportunities for us to implement the Ediston style of asset management to enhance its income profile and returns over the coming years."


At 12:26pm: [LON:EPIC] Ediston Property Investment Company Plc Ord 1p share price was -0.12p at 110.63p



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