13th November 2014
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
Picton disposes of two non-core assets
Picton, the property investment company, announces the disposal of two non-core
assets for a combined consideration of £3.28 million.
The combined disposal price reflects a 6% premium to the September 2014
valuation and a 21% premium to the apportioned valuation when the assetswere
purchased as part of Picton´s acquisition of Rugby REIT in 2010.
In Middleton, Lancashire, it has exchanged contracts on Middleton Trade Park, a
24,000 sq ft multi-let industrial estate for £2.16 million. The sale follows
considerable letting success which included the letting of six units to a range
of occupiers including Screwfix. Completion will occur in January 2015 and
Picton will retain the income until completion.
In Brighton, Picton has disposed of its 2,780 sq ftholding in Bartholomew
Square, for a combined consideration of £1.12 million.Having recently
restructured the long leasehold with Brighton City Council, a small retail and
restaurant unit at the site were disposed of in two transactions, both of which
will complete following receipt of freeholder consent which is expected before
the year end. In the meantime Picton will retain the income until completion.
Michael Morris, Chief Executive of Picton Capital, added: "Both of these
disposals follow considerable asset management success and continue our
strategy of divesting of our smaller assets when attractive pricing is
For further information:
Jeremy Carey/James Verstringhe, 020 7920 3150, email@example.com
Picton Capital Limited
Michael Morris, 020 7011 9980, firstname.lastname@example.org
Note to Editors
Picton Property Income Limited (´Picton´) is an income focused, property
investment company listed on the London Stock Exchange. Picton can invest both
directly and indirectly in commercial property across the United Kingdom.
With Net Assets of £273.7 million at 30 September 2014 and approximately 850
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.