Earlier this month, EPIC agreed to sell the entirety of its property portfolio to a subsidiary of S&P 500 constituent Realty Earnings for £200.8m, previous to agreed deductions of roughly £4m.
On the belief’s basic assembly held earlier as we speak (26 September), the abnormal decision to approve the disposal was duly handed by the use of a ballot, with 92.58% of votes in favour.
Completion of the sale is anticipated to happen on 28 September, after which an extra announcement might be made.
At the moment’s determination comes after a strategic review was launched by EPIC on 16 March into whether or not the belief ought to merge with one other REIT or promote its portfolio belongings and return proceeds to shareholders, as a consequence of it attracting fewer belongings than had been anticipated.
Final month, EPIC confirmed it was in talks with Realty Earnings to promote its property portfolio. At the moment, the belief mentioned it anticipated to get £152.2m out of the deal, or 72p per share. This represents a 17.7% premium on its share value of 61.2p upon the launch of the strategic assessment.
Nevertheless, the deal additionally represents a ten.8% low cost to the latest web asset worth per share of 80.77p, which was printed on 30 June.
Launched in 2014, the belief’s portfolio of 11 retail warehouses is at present managed by Danny O’Neill and Calum Bruce.