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Ediston Property Investment Company (EPIC) invests in commercial property with a contrarian approach and a focus on asset management. The ten-strong management team, led by Calum Bruce, aim to find properties where they can add value through asset management, leading to rental and capital value growth.
With the team often adopting contrarian stances, they have for some time run significant exposure to retail warehouses. The COVID-19 pandemic and the unprecedented policy response have clearly had a negative impact on the fair value of these properties, reflecting the perception of a permanent shift in societal behaviour towards online interaction and consumption. However, the manager has previously highlighted the need for many retail operations to find multi-channel solutions to enable them to function profitably; this includes ‘click and collect’ services which require a property footprint. Consequently the managers believe retail warehousing presents attractive characteristics for an omnichannel approach to retail, and is a sub-sector of the retail sector with relatively strong prospects.
EPIC released its most recent NAV assessment on 24/07/2020, providing updates on its portfolio valuation and operations for the quarter ending 30/06/2020.
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