18 December 2013
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
Picton disposes of two non-core assets
Picton, the income focused investment company, announces the disposal of two non-core assets for a combined consideration of £4.89 million.
The assets currently produce annualised income £0.34 million from 13 occupiers and the combined disposal price reflects a 15% premium to the independent valuation as at 30 September 2013.
During the past 12 months, Highgrove Industrial Estate, Portsmouth and Heron Industrial Estate, Spencers Wood, near Reading benefitted from significant lettings progress which had already resulted in a combined valuation uplift of 21% as at 30th September 2013.
Commenting on the disposals, Michael Morris, Chief Executive of Picton Capital, said:
"With improved market liquidity these two transactions are part of Picton's on going strategy to dispose of smaller assets where attractive pricing can be realised in order to recycle capital. Proceeds from this disposal will be combined with the £11.9 million of equity raised last month to provide the fire power for acquisitions in larger lot sizes."
For further information:
Tavistock Communications 020 7920 3150
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
David Sauvarin 01481 745529
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.