14 October 2013
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON FURTHER CONSOLIDATES EC1 OWNERSHIP
Picton (LSE:PCTN), the income focused property investment company, announces that it has acquired a further unit at Angel Gate Office Village, City Road, London EC1.
Angel Gate is one of Picton's top five assets by value and whilst Picton already owns the freehold, it has acquired one of the long leasehold interests from an owner occupier, subject to a leaseback on 50% of the space.
Picton will refurbish and relet the remaining office space, which will provide a 9% income return once leased. The purchase price of £0.98 million represents a capital value of approximately £260 per sq ft.
Michael Morris, Chief Executive of Picton Capital Limited, commented: "This continues our strategy of consolidation at this holding. Recognising our wider ambitions, we believe this is an attractive entry point and are confident in prospects for this location."
For further information:
Tavistock Communications 020 7920 3150
Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 529
Note to Editors
Picton Property Income Limited ('Picton') is an income focused, property investment company listed on the London and Channel Islands Stock Exchanges. It was established in 2005 to invest both directly and indirectly in commercial property across the United Kingdom.
With Net Assets of £169.6 million at 30 June 2013 and approximately 860 investors, the Company's objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors.