Ediston Property Investment Company plc (EPIC) announces that it has exchanged contracts to acquire a B&Q Extra retail warehouse in Coatbridge, Scotland, from Harcourt Life Assurance Company Limited for £16.80 mln net of acquisition cost (approx. €23 mln), which reflects a net initial yield of 7.46%.
The property extends to 103,000 ft²
(approx. 9600 m²) plus a garden center and builders’ yard, with parking for 600 cars. It is let to B&Q plc 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.