Ediston Property Restructures Lease With New Look In Prestatyn

LONDON (Alliance News) - Ediston Property Investment Co PLC said Tuesday it has restructured it ...

Alliance News 12 February, 2019 | 2:47PM
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LONDON (Alliance News) - Ediston Property Investment Co PLC said Tuesday it has restructured it lease with New Look in the Prestatyn Shopping Park, north Wales.

The store completed a company voluntary arrangement in March 2018, reducing its annual rent to GBP120,000 from GBP150,000. Under the CVA, break options were inserted into the lease.

Ediston decided the break the lease and let New Look know it would re-let the property to the new tenant. New Look ultimately renegotiated the lease, signing a five-year deal, without any breaks, for GBP185,000 per annum.

Ediston said the 54% uplift is in line with the 24%, 18% and 53% increase in annual rent secured by Ediston from River Island, Card Factory and Next at the Prestatyn Shopping Park in the second half of the year.

"There has been a lot of positive activity at Prestatyn Shopping Park as a result of our intensive approach to its asset management. This has seen the income from the asset grow and demonstrates that rental increases are possible on the good assets which dominate their catchments," said Director of Investment Calum Bruce.

Shares in Ediston Property Investment were up 0.7% Tuesday at 102.75 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Ediston Property Investment Company 89.80 GBX -1.10 -
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