Ediston Property Investment Company has agreed to sell the entirety of its property portfolio to a subsidiary of S&P 500 constituent Realty Income for £200.8m.
The move follows the launch of a strategic review on 16 March, and the trust's announcement last month that it was in talks with Realty Income to sell its property portfolio. After transaction costs, the trust expected to gain £152.2m for the deal, or 72p per share, which represents a 17.7% premium on its share price of 61.2p upon the launch of the strategic review. However, the deal also represents a 10.8% discount to the most recent net asset value per share of 80.77p, which was published on 30 June. Ediston Property confirms plans to sell entire portfolio Launched in 2014, th...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
