UK REIT Ediston Property Investment said that it has entered into a conditional agreement to acquire four retail warehouse parks in the UK from technology supplier Stadium Group for a total of £144 mln (€161 mln).
The acquisition is conditional on £37.0 mln being raised in equity as well as shareholder approval.
Ediston will fund the purchase through its existing cash resources, a new £54.0 mln loan facility arranged with Aviva Commercial Finance, proceeds from a placing, subscription and open offer and the issue of new shares to Stadium.
Ediston plans to issue up to 150 million new shares, of which Stadium will subscribe for up to £36.5 mln.
The company said the acquisition will increase the size of its existing portfolio to £317.6 mln.
'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,' said Chairman William Hill.