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EPIC acquires Newcastle office for GBP18.95m

01 February 2016 07:52

Ediston Property Investment Company has acquired Citygate, a modern office building in Newcastle, for GBP18.95 million (net of acquisition costs) from Hanro Limited. The purchase reflects a net initial yield of 6.57% and will be funded from a combination of cash resources and an increase of GBP12.42m in the existing debt facility with Aviva Commercial Finance Limited at an all-in rate of 2.95%. The loan-to-value ratio of the company's property portfolio following this acquisition will be 29.01%. Citygate provides 63,524 sq ft of modern office accommodation with 70 car parking spaces. It is let to three tenants EY, UNW and N+D (London) Ltd, guaranteed by Grainger plc, and has a weighted average unexpired lease term (WAULT) in excess of 6 years. Around 89% of the income benefits from upward-only rent reviews in 2017, with the remaining 11% being reviewed in 2018.

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