Ediston Property Investment Company is in “advanced discussions” with a buyer for its property portfolio.
The board of the property investment company today confirmed that it is in advanced discussions with “a third party buyer” regarding a possible sale of the portfolio.
In March, Ediston PIC said it had “a preference for structuring a merger with one or more REITs”, but added that it was open to “all options available” that offer maximum value for its shareholders.
The board had appointed Investec as lead financial adviser and Dickson Minto Advisers as joint financial adviser to assist with the strategic review.
It holds 11 retail warehouse assets, with a portfolio value of £204.3m, as at 31 March 2023.
The REIT made the decision after deciding that, while it “currently has cash to take advantage of opportunities in the sector”, it was is “unlikely to be able to raise new capital in the short or medium term”.
Ediston PIC’s share price is currently at 63.2p, down from a pre-pandemic high of 113.75p.
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