6 March 2015
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON ACQUIRES LONG LET RETAIL PARK IN GLOUCESTER
Picton, the property investment company,has acquired Gloucester Retail Park for
£14.65 million, reflecting a net initial yield of 6.9%.
The retail park is prominently located on Eastern Avenue and comprises four
units totalling 112,000 sq ft. It is in a recognised Retail Warehouse location
and is leased to leading discount retailers: B&M Bargains, Carpetright, The
Range and AHF.
It producesa diversified annual income of £1.067 million with an average
weighted lease length of 13.2 years at a low average rent of under £9.60 per sq
ft. which reflectsrecent letting activity.
Michael Morris, Chief Executive, commented: "Since the start of the year we
have deployed £19.5 million using proceeds from our Placing Programme.We think
this is an attractive entry point, recognising the income longevity and low
overall rent, and believe there are a number of asset management opportunities
which should enhance income and value during our ownership."
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
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
David Sauvarin, 01481 745001, email@example.com
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 £315.7 million at 31 December 2014 and approximately 870
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.www.pictonproperty.co.uk