- Ediston Property Investment and its investment manager, Ediston Properties, are in discussions to acquire a portfolio of retail warehouse parks with an aggregate value of around £146m.

The company said it had agreed heads of terms and entered into an exclusivity period in respect of the portfolio and had commenced detailed due diligence on the properties.

The company has also commenced discussions with its advisers, lenders and a number of the larger shareholders on the potential approval and funding of the acquisition.

It said these discussions had been favourable, both in terms of support for the proposed acquisition and the raising of new equity to help finance the acquisition.

It said: 'Under the heads of terms relating to the acquisition, the vendor will receive a material proportion of the consideration in the form of new ordinary shares in the company.

'The balance of the consideration will be funded through a combination of the company's existing cash resources, the proceeds of an open offer to existing shareholders, a placing, and an offer of subscription, including an intermediaries' offer, of new ordinary shares and through debt finance.'

It said that the acquisition, if approved, would increase the company's property portfolio to over £315m.

Story provided by