Ediston continues office sell-off

Ediston Property Investment Company has sold two offices in Edinburgh and Newcastle for £30m. The sale of 145 Morrison Street in the Scottish capital and Citygate II in Newcastle is in line with the REIT’s strategy to dispose of its office portfolio to buy retail warehouses. Ediston said that while the headline price of £31.43m is 3.4% below the September valuation for these properties, it is above book cost. Calum Bruce, Ediston’s investment manager, said: “We have now sold three of our four office properties since we announced our new strategy. We are actively looking at reinvestment opportunities in the retail warehouse sector which are suited to our intensive style of asset management.” Discover which agents are transacting the most space in Edinburgh and Newcastle >> To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews