November 24th, 2017

Healey family to sell retail sites worth £144m

Stadium Group, owned by the Healey family, has completed a conditional acquisition agreement with Ediston Property Investment Company (EPIC), which is based in Edinburgh.

The sites, which are let to 23 tenants, include Kingston Retail Park in Hull, which has a market value of £25-30m, and Wombwell Retail Park in Barnsley, which has a market value of £10-15m.

The value of all four sites nearly doubles Ediston’s portfolio to £317.6m.

To fund the acquisition Ediston Property plans to raise £37m of capital by way of a new share issue.

EPIC is currently trading at a marginal discount and the board is also increasing its annualised dividend by 4.5 per cent, to 5.75p per share.

Stadium Group has agreed to subscribe for a maximum of £36.5m of new ordinary shares which will be subject to a 12 month lock-in.

Ediston chairman William Hill said: “The board believes that acquiring the new portfolio will be accretive to the level of dividend cover and will provide a number of asset management opportunities which should enhance the income profile and the capital value of the group’s property assets.

“There is a value play in retail parks as highlighted by low supply, good tenant demand and development potential all of which underpin future growth.”

Retailing brothers Eddie and Malcolm Healey are the second wealthiest businessmen in Yorkshire with a collective wealth of £1.48bn, behind Robert Miller, the 84-year-old who co-founded the Hong Kong-based Duty Free Shoppers chain of airport kiosks and is worth a total of £1.58bn.

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