Ediston Property confirms plans to sell entire portfolio
The board reiterated that there was still “no certainty at this time that a sake of the company’s property portfolio will take place”, with none of the final terms, or price agreed yet. Credit: Photo Mix
The trust invests in commercial property throughout the UK, focusing on the retail warehouse sector.
The board embarked on a full strategic review in March to try and forge a plan to overcome its smaller assets under management size and widening discount.
Ediston Property Investment Company proposes merger or liquidation
According to Association of Investment Companies data, the trust's market cap was £147.5m, with £280.7m AUM, and was running on a -13.4% discount.
On 3 August, the board announced it was in «advanced discussions» with a third party buyer for the portfolio, who has now been confirmed as RI UK 1 Limited, a wholly owned indirect subsidiary of Realty Income Corporation.
In the latest RNS notice today (21 August), the board reiterated there was still «no certainty at this time that a sale of the company's property portfolio will take place», with none of the final terms or price agreed yet.
Until then, the board said the ongoing review would be continuing, adding that it will do so «until further notice».
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Amid the ongoing review process, the trust's managers have continued to execute on new investments, completing seven deals in the three months up to 30 June, with more to come, according to its most recent quarterly update.
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