Mon, 27 Nov 2017 | COMMERCIAL PROPERTY
A multi-million pound deal to acquire four shopping centres, with two located in Yorkshire, has been signed off, with the properties set to change hands in early December.
The Ediston Property Investment Company (EPIC) announced this week that it had entered into a conditional acquisition agreement with the Stadium Group to purchase a portfolio of four warehouse parks.
The properties include two Yorkshire shopping centres: the Kingston Retail Park in Hull and the Wombwell Retail park in Barnsley, valued at £25-30 million and £10-15 million respectively.
They represent EPIC’s first acquisitions in the North of England, specifically the Yorkshire & Humberside region.
The remaining pair being acquired as part of the deal are the Prestatyn Shopping Park in Wales, worth between £55 and £60 million, and the £45-50 million Widnes Shopping Park.
Adding these new properties to its portfolio means that EPIC has effectively doubled the value of its holdings to a total of £317.6 million. In order to fund the move, the property firm plans to raise £37 million by issuing new shares.
William Hill, EPIC’s chairman, said that the new share issuance would come alongside a rise in dividends for investors thanks to “consistent good progress” made by management to increase the firm’s profitability.
He added: "I am delighted with the progress of this property transaction and consider these proposals to be an important next step in the development of the company.
"I am also encouraged with the discussions we have had to date with both our existing shareholders and potential new investors in relation to the equity raising to support these proposals.
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