Aviva Investors has announced the completion on a £54.16m fixed rate 10-year facility to a wholly owned subsidiary of Ediston Property Investment Company Plc (LSE: EPIC).
The facility has been provided to assist with the acquisition of four retail warehouse parks located in Prestatyn, Widnes, Hull and Barnsley purchased from the Stadium Group. The portfolio provides in excess of 540,000 sq. ft. of accommodation generating rents of more than £8.8m p.a. from tenants including Tesco, M&S, Boots and Wilkinson. This transaction takes Aviva Investors facilities with EPIC to c£111m.
Gregor Bamert, Head of Real Estate Finance, Aviva Investors, said:
“We are delighted to once again be able to back EPIC in the continued growth of its portfolio. These are well located assets with strong defensive characteristics that provide significant comfort in a dynamic retail environment particularly when coupled with the hands-on management approach of the Ediston team.”
William Hill, Chairman of EPIC, said:
“Given our existing relationship with Aviva Investors they were our go to lender on a transaction that required working under a tight and rigid timetable of six weeks and various levels of pragmatism to make it happen. They did not disappoint and we are delighted that we have done business with them once more.”