7 November 2013
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON MAKES FURTHER REGIONAL LETTINGS PROGRESS
Picton (LSE:PCTN), the income focused property investment company, has secured two new occupiers and £355,000 of annual rental income following lettings within it's regional portfolio. These two lettings represent nearly 50% of the transaction pipeline referred to in the October NAV update.
Single occupier for Building 900 at Colchester Business Park
In the largest letting in Colchester since 2007, Provide has signed a 10 year lease at Building 900, Colchester Business Park. The letting is for the entire headquarters office building, generating an annual rental income of £200,000. Whilst this transaction is below ERV, the building is being taken in it's existing condition, thereby mitigating over £0.6 million of refurbishment costs.
Provide is a community interest company providing integrated health and social care across Essex, Cambridgeshire and Peterborough. The company employs around 1,100 people and serves communities with a total population of 1.9 million people.
Colchester Business Park is located to the north of Colchester directly adjacent to the A12/A120 interchange and therefore benefits from excellent access to East Anglia, the UK's major motorway network and Stansted Airport.
Gym Operator at Unit 3, Parc Tawe in Swansea
In a separate transaction, Picton has entered into an agreement to let Unit 3 at Parc Tawe North Retail Park in Swansea to Xercise4less for a 15 year term, generating an annual rental income of £155,000, which is in line with ERV. Completion of the new lease is subject to extending the planning to D2 use before January 2014.
Parc Tawe in Swansea is an 117,000 sq ft open A1 retail park comprising eight units. Current occupiers include Homebase, JD Sports, Pets At Home and Lidl.
Commenting on the lettings, Michael Morris, CEO of Picton Capital, said: "As well as adding significant income, these two lettings remove two of the top ten voids from our portfolio. This provides further evidence of our progress in growing occupancy across the portfolio and reflects improving occupier demand for good quality, well-located assets outside of London. Following these lettings, Parc Tawe is now fully occupied and only a smaller number of suites remain available in Colchester."
For further information:
Tavistock Communications 020 79203150
James Verstringhe firstname.lastname@example.org
Picton Capital Limited 020 7011 9980
Michael Morris email@example.com
Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 529
David Sauvarin firstname.lastname@example.org
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 £180.3 million at 30 September 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.