StockMarketWire.com - Ediston Property Investment Company has exchanged contracts to acquire Plas Coch Retail Park in Wrexham for £22.4 million (net of acquisition costs) from Diageo Pension Trust Limited.

The net initial yield is 6.52%, rising to 7.35% in March 2016 on expiry of a rent-free period. The acquisition will be funded from existing cash resources and completion is expected in the middle of December.

Plas Coch is a well-located retail park, totalling 94,000 sq ft, adjacent to a Sainsbury's supermarket and an Aldi foodstore. It is let to seven national tenants and benefits from a weighted average unexpired lease term (WAULT) in excess of 10 years. TK Maxx has recently relocated to the park from Wrexham town centre, reinforcing the attraction of the park to retailers.




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