Ediston Property Investment Company has offloaded its final office asset as it looks to shift its strategy towards the retail warehouse market.
The listed investment company said it had exchanged contracts to sell St Philips Point in Birmingham, tenants in which include AXA, in a deal set to complete late in March.
EPIC said the deal values the building at 3.9% below its 31 December valuation of £25m-£30m, but is “above cost for the asset”. In its last annual report, covering the year to 30 September, the company said the asset had a market value of between £30m and £35m.
In full-year results published in December, the company said “much work lies ahead” as it pivots to a new market.
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