Ediston to sell property portfolio to Realty Income for €235m

London-listed investment trust Ediston Property Investment has plans to sell its U.K. retail parks property portfolio to RI UK 1, an indirect subsidiary of Realty Income, for £201 million (€235 million/$251 million).

Launched in 2014, the trust’s portfolio consists of 11 retail warehouses, totals 1.19 million square feet and is let to 64 tenants.

“If the disposal becomes unconditional, it is the intention of the board to seek shareholder approval for the voluntary liquidation of the company with a view to distributing substantially all of the company's net assets (which will comprise of cash) to shareholders as soon as reasonably practicable (with the target being by the end of this calendar year), unless an appropriate corporate opportunity is identified in the meantime which, in the view of the board (having consulted with key Shareholders), merits further consideration,” Ediston said in a statement.