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Ediston Property - New rating

Ediston Property is a new London-listed UK REIT (Real Estate Investment Trust) which will start trading at the beginning of August. The IPO hopes to raise £85 million to £150 million. It aims to provide shareholders with an attractive level of income with the prospect of income and capital growth. The initial annual dividend target is 5.5p (paid monthly at rate of 0.4583p pcm), which will grow as rents increase. This invests in a diversified portfolio of good quality, income producing, UK commercial properties. As a REIT it will be able to buy properties or portfolios of properties in a tax efficient manner. This REIT will not make any speculative developments.

Though Ediston Real Estate is a relatively new company (set up in 2004) with only £350 million under management, the small team of nine have an average of 21 years of real estate experience. Senior employees have ‘down-sized’ from large institutions (such as Standard Life and SWIP) where they set up and ran retail property funds. There is significant alignment of interest since this new REIT carries their company name and key staff are investing in this IPO. Being a new fund it will be unencumbered by legacy assets in regions where valuations may have already peaked, like some of its larger peers. The seed portfolio comprises five properties valued at £77 million so investors get immediate exposure to UK property. It has an HMRC-approved stamp duty mitigation scheme which means the opening NAV will be in the range of 95.3p to 96.5p, depending on how much is raised at the IPO.

The trust has been awarded a three-star rating.

The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.

Current or past yield figures provided should not be considered a reliable indicator of future performance.

Funds may carry different levels of risk depending on the industry sector(s) in which they invest. You should ensure that you understand the nature of any fund before you invest in it. Any yields quoted cannot be considered reliable indicators of future returns