Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Edinburgh, 2016-Jun-14 — /EPR Retail News/ — Ediston Real Estate and Europa Capital acquire Buildings 1000, 2000 and 3000, Cathedral Hill, Guildford for a combined purchase price of £54 million, reflecting a net initial yield of 7.63%.

Buildings 1000 and 2000 were acquired from M&G in December 2015 for £40 million. The remaining office building at Cathedral Hill, Building 3000, was acquired from AXA Investment Managers – Real Assets, acting on behalf of its clients, in May 2016 for around £15 million.

Cathedral Hill comprises 155,000 sq. feet of offices built in 2001. The three buildings are prominently located adjacent to the A3 dual carriageway. The combined property consists of modern office accommodation with 15,000 to 20,000 sq. feet floorplates. The buildings are multi-let to Avaya, Regus, GCL Solicitors and VI (UK) Limited. The combined property has a range of lease expiries from 2016 to 2021.

Danny O’Neill, Chief Executive at Ediston Real Estate, commented, “This acquisition is the sixteenth property we have acquired within our joint venture vehicles with Europa and continues the strategy of buying well located assets with value add potential. Having control of the three buildings at Cathedral Hill provides us with various interesting strategies to unlock value and deliver good performance to Europa’s investors.”

James Fortescue, Director at Europa Capital, added, “This latest purchase of Building 3000 consolidates our ownership of Cathedral Hill and gives us additional asset management opportunities to capitalise upon. We now look forward to creating an even more attractive urban office environment for occupiers.”

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Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Ediston Real Estate and Europa Capital acquire Guildford office campus for £54 million

Ediston Real Estate to focus on mid-market homes with the launch of Ediston Homes

Edinburgh, 2015-12-21 — /EPR Retail News/ — Ediston Real Estate has launched a house building company.  Ediston has to date concentrated on commercial property with only fleeting investment into residential, but this will change with the launch of the new company.  Ediston Homes will focus on mid-market homes mainly in central Scotland with some of its projects, such as The Fruitmarket in Edinburgh, being mixed use and developed in conjunction with Ediston Real Estate.  

Ediston Homes is headed-up by Managing Director Peter Brogan, recruited from Muir Homes where he was also MD.  Peter will be responsible for delivering a set of ambitious targets.  The company’s board includes Chairman Harry O’Donnell who was previously Managing Director of Miller Homes, as well as Andy McKinlay Development Director at Ediston Real Estate and Bob Millar formerly of Scottish Homes.

Danny O’Neill, founder and Chief Executive of Ediston Group who will not join the Board said:  “I will remain focussed on growing our REIT which we launched in 2014 and Ediston Homes will operate with the expertise of others in the Ediston group. The Homes team has an opportunity to create a great business in a housing sector which is in need of additional well-funded developers and more importantly much needed delivery of new homes.”

Andy McKinlay, director of Ediston said: “we have looked at investing in the housing sector for a number of years but felt the model was wrong for a business like ours.  However the industry has changed and I am confident the time is right for us to invest and develop directly.

Its first residential development will be at the old Fruitmarket site in Edinburgh and will comprise 34 semi-detached and terraced houses for private sale as well as 80 flats available for rent under Edinburgh City Council’s NHT initiative. The housing for sale will be marketed during next year, with the rented units becoming available from November 2016.

In a separate announcement Ediston has also developed a rental model which will focus on the delivery of social housing for rent, and with Ediston Real Estate’s experience in institutional investment it is aiming to invest around £100m into the social housing and mid-market rental sectors over the next four years.  Ediston’s institutional fund management experience has helped the Homes business to raise the equity and it is now looking for a home in which to deploy the capital.

SOURCE: Ediston Real Estate

Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599