Healey family to sell retail sites worth £144m
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Stadium Group, owned by the Healey family, has completed a conditional acquisition agreement with Ediston Property Investment Company (EPIC), which is based in Edinburgh.
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.
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.
Questions & Answers
Q.What is the total value of the retail sites being sold by the Healey family?
What is the total value of the retail sites being sold by the Healey family?
The Healey family is selling retail sites worth £144 million. These sites include Kingston Retail Park and Wombwell Retail Park, among others.
Q.How does this acquisition affect Ediston Property Investment Company's overall portfolio size?
How does this acquisition affect Ediston Property Investment Company's overall portfolio size?
This acquisition nearly doubles Ediston Property Investment Company’s portfolio value. Their total portfolio will now be valued at £317.6 million.
Q.How does Ediston Property Investment Company plan to finance the acquisition of these retail sites?
How does Ediston Property Investment Company plan to finance the acquisition of these retail sites?
Ediston Property plans to raise £37 million of capital through a new share issue. Stadium Group has agreed to subscribe for up to £36.5 million of these new shares.
Q.What is Stadium Group's connection to the Healey family and the acquisition?
What is Stadium Group's connection to the Healey family and the acquisition?
Stadium Group is owned by the Healey family, who are selling the retail sites. Stadium Group has also agreed to subscribe for a significant amount of Ediston's new shares to fund the acquisition.
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