1st March 2018

Ediston & Europa JV kick-off 2018 and Fund V with a Prime RW Purchase

Ediston and Europa’s joint venture vehicle has purchased Wrekin Retail Park in Telford, from Hammerson, for a price in the region of £35.00 million and a net initial yield of 7.4%. The purchase is the first of purchase within the new Fund V, cementing the long standing relationship between Ediston Real Estate and Europa Capital. Ediston and Europa have co-invested and partnered in two previous successful joint ventures accumulating 19 projects with gross assets of over £350 million.

Wrekin retail park is fully let to national retailers, but has good tenant demand and there exists plenty of scope for the partnership to increase value further by re-gearing leases, extending income streams, sustaining and increasing rental levels and creating more specific space to meet modern retailing requirements.

Danny O’Neill CEO of Ediston commented; “We have a very strong relationship with Europa Capital stretching back to 2011 and one which is based on trust, integrity and a mutual desire to improve and transform, for the better, the property assets we purchase. It’s exhausting work but its what our team and the team at Europa enjoy and I’m pleased that the success we have delivered in the previous joint ventures made the decision to create a new one a ‘no brainer’. We look forward to working with Rob Sim and James Fortescue and the wider team at Europa in the next few years and hopefully invest circa £200 million across the UK.

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