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The property provides 63,160 sq. ft. of retail warehousing, anchored by Homebase, with parking for 386 cars, on a five acre site. The weighted average unexpired lease term is just under ten years.  Two units totalling 11,666 sq. ft. are vacant.  One kiosk totalling 550 sq. ft. is also vacant but benefits from a two-year rent, rates and service charge guarantee from the vendor.  This will be drawn down as income until the unit is let and income producing, or the guarantee period ends. Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Adviser, said: “This purchase is in line with our strategy of acquiring quality assets with good, core income streams, but with angles to be

The £38 million redevelopment will commence later this month and comprise 114 new build residential properties and 58,500 sq. ft. of retail accommodation, the latter to be known as Edinburgh West Retail Park. The project will provide significant employment opportunities throughout the construction period, as well as new long term employment positions within the new retail park. BP Pension Fund will forward fund and subsequently acquire the retail element once completed. Edinburgh West Retail Park comprises 5 retail units and 3 kiosks, ranging from c.16,900 sq. ft. to 1,000 sq. ft. in size and 285 car parking spaces. Three of the new retail units have been pre-let to retailers Marks & Spencer, Home Bargains, Aldi and Costa Coffee have agreed

Pasteur Retail Park was purchased from London & Capital for £20.6 million and comprises 122,000 square feet of retail warehouse space. Tenants include B&Q, Home Bargains, Pets at Home and Argos, with one vacant unit. The second joint venture between Ediston and a Europa Capital managed fund has been established in order to acquire a portfolio of retail warehouse and office properties in the UK, with the intention of enhancing value through asset management initiatives. The partnership is looking to invest an additional £95 million of capital. Danny O’Neill, founding partner of Ediston, commented that, “this joint venture follows on from the success of our UK Opportunity Partnership which we set up in 2011. With respect to the Great Yarmouth

The developments, which will be rolled out throughout 2015, will see Edinburgh-headquartered Ediston expand its retail park portfolio by a further 323,000 sq. ft. The company will also launch a major new £45m, 113,000 sq. ft. office building in Bath for the Ediston Opportunity Fund, which will be the city’s first Grade A office building in 20 years, when delivered in 2016/17. Retail parks scheduled for development include: Pallion Retail Park – Sunderland and Heathfield Retail Park, Ayr for the Ediston Opportunity Fund and Clwyd Retail Park – Rhyl, North Wales for Ediston Property Investment Company PLC, with a further three sites in Scotland including; Gallagher Shopping Park – Port Glasgow for the Strathclyde Pension Fund, Tesco Pension Trustees’ retail

Highlights Launch of the Company on 28 October 2014 raising £95.0 million of equity (before costs and expenses) Acquisition of a property portfolio for a total consideration of £76.7 million Renegotiation and extension of lease at Cutler’s Gate, Parkway, Sheffield, increasing the NAV by £1.3 million Fair Value independent valuation of the property portfolio as at 31 December 2014 of £84.1 million, a 9.6 per cent increase on the valuation at acquisition NAV per share at 31 December 2014 of 101.08 pence, an increase of 5.13 per cent on the Company’s NAV (after launch and portfolio acquisition costs) Net Asset Value The Company’s unaudited NAV per share as at 31 December 2014 was 101.08 pence. This is the first NAV