Healey family to sell retail sites worth £144m

Nov 24, 2017Updated May 26, 20251 min read

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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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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