Ediston Property Investment Company (Epic), which invests mainly in UK retail warehouses, has confirmed that the “third party” seeking to buy its property portfolio, is RI UK 1 Limited, a wholly-owned indirect subsidiary of US firm Realty Income Corporation.

As part of a strategic review into the future of the Edinburgh-based trust, announced in March, the board of Ediston said on 3 August that it had entered negotiations over the sale of the group’s retail park portfolio – valued at £204.3m at 31 March.

In a new announcement, the board reiterated there was still “no certainty at this time that a sale of the company’s property portfolio will take place”, with none of the final terms or price yet agreed.

Until then, the board said the ongoing review would be continuing, adding that it will do so “until further notice”.

According to Association of Investment Companies data, the trust’s market cap was £147.5m, with £280.7m of assets under management, and was running on a -13.4% discount.