In a significant move in the UK’s real estate sector, the American real estate conglomerate, Realty, has announced an agreement to acquire 11 retail parks from Ediston Property Investment Company for a sum of £200.8 million. The deal, which involves Ediston’s entire property estate, is with RI UK 1 Limited, a subsidiary of Realty.
The retail parks, currently under Ediston’s portfolio, are located in various UK cities including Stirling, Haddington, Sunderland, Widnes, Barnsley, Prestatyn, Hull, Wrexham, Glasgow, Daventry, and Rhyl. The portfolio’s valuation stands at £208.4 million, boasting a contracted rental income of £16.5 million.
William Hill, Ediston’s chairman, expressed satisfaction with the interest the company garnered and emphasized that the sale to Realty Income was the optimal strategy to enhance shareholder value. A general meeting scheduled for 26 September will decide the fate of the acquisition. If approved, Ediston plans to liquidate the company, distributing its all-cash assets to shareholders.
This acquisition is in line with Realty’s recent interests in the UK, including potential purchases of prominent shopping parks from British Land. The deal also encompasses a collection of six data centres and offices in London, currently leased to Vodafone.
Having entered the UK property market in 2019 through a partnership with British Land, Realty now boasts a UK portfolio exceeding £2 billion. The company remains bullish on the UK, viewing it as a lucrative investment destination.
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