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Ediston sells office building in Reading

08 August 2017 07:52

Ediston Property Investment Company has sold its office building, Phoenix, Reading, to Fidelity UK Real Estate Fund for £20,510,602.

Ediston said the figure was not materially different to the valuation at 30 June.

The property extends to c.52,000 sq. ft., is multi-let to four tenants, and has c. 6,000 sq. ft. vacant and to let.

The asset was acquired by the company, as part of the seed portfolio, in October 2014.

On acquisition it had over 20,000 sq. ft. vacant and to let.

The investment manager let 14,000 sq. ft. of this space to two new tenants, and moved the rental tone of the property from £25.00 per sq. ft. to in excess of £30.50 per sq. ft.

Story provided by StockMarketWire.com

Related Company: EPIC

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