Ediston Property Investment Company (EPIC)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

44.20p
   
  • Change Today:
      0.30p
  • 52 Week High: 100.05p
  • 52 Week Low: 40.00p
  • Currency: UK Pounds
  • Shares Issued: 211.33m
  • Volume: 235,499
  • Market Cap: £93.41m

Tenant downsizing an opportunity, says Ediston

By Josh White

Date: Thursday 28 Jun 2018

LONDON (ShareCast) - (Sharecast News) - Ediston Property Investment Company has restructured its lease terms with Weightmans at St Philips Point in Birmingham, it announced on Thursday.
The London-listed firm said Weightmans currently occupied 37,395 square feet across three floors, on three leases which were due to expire in July 2019.

It said the current annual rent was £606,452.

Ediston confirmed it signed an agreement to restructure the terms of Weightmans' occupation of the property, effective from 1 August.

It explained that, under the agreement, Weightmans would take a new 10-year lease with a five-year break option on each of the upper ground and third floors, which extended to a total of 23,187 square feet.

They would pay a rent of £507,430 per annum - a 45.7% increase on the rent currently being paid on those floors - and would receive an incentive of six months rent-free.

Under the agreement, the tenant would surrender the lease on the first floor, which extended to 14,208 square feet, and Ediston said it would refurbish and market that floor to let.

It anticipated that the floor would achieve a rental level in excess of the current passing rent, which could result in an overall increase in net income from the property of around £220,000 per annum.

"Weightmans has been a tenant in the building for over eight years, so we are pleased to have been able to structure a deal which extends their stay," said Ediston Properties director of investment Calum Bruce.

"The increase in the rental tone shows that there will always be demand for good quality offices in the right locations."

Bruce said Ediston had long considered void space to be an opportunity, pointing to the soon-to-be-vacant first floor as an example.

"We are confident that with the right refurbishment we will identify a tenant to lease this space and secure additional income for the company."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

EPIC Market Data

Currency UK Pounds
Share Price 44.20p
Change Today 0.30p
% Change 0.68 %
52 Week High 100.05p
52 Week Low 40.00p
Volume 235,499
Shares Issued 211.33m
Market Cap £93.41m

EPIC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
19.77% above the market average19.77% above the market average19.77% above the market average19.77% above the market average19.77% above the market average
35.14% above the sector average35.14% above the sector average35.14% above the sector average35.14% above the sector average35.14% above the sector average
Price Trend
78.15% below the market average78.15% below the market average78.15% below the market average78.15% below the market average78.15% below the market average
78.95% below the sector average78.95% below the sector average78.95% below the sector average78.95% below the sector average78.95% below the sector average
Income
43.81% above the market average43.81% above the market average43.81% above the market average43.81% above the market average43.81% above the market average
52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average
Growth
36.93% above the market average36.93% above the market average36.93% above the market average36.93% above the market average36.93% above the market average
40.54% above the sector average40.54% above the sector average40.54% above the sector average40.54% above the sector average40.54% above the sector average

EPIC Dividends

  Latest Previous
  7th Interim 6th Interim
Ex-Div 14-May-20 16-Apr-20
Paid 29-May-20 30-Apr-20
Amount 0.33p 0.48p

Trades for 22-May-2020

Time Volume / Share Price
16:35 32 @ 44.20p
16:29 2,000 @ 44.60p
16:29 7 @ 44.60p
16:29 3 @ 44.60p
16:22 2,000 @ 44.50p

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