15 April 2015
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON ACQUIRES TO CONSOLIDATE EC1 HOLDING
Picton Property Income Limited (LSE:PCTN) announces the acquisition of a long leasehold interest at Unit 12 Angel Gate, City Road, London EC1 for a net consideration of £1.1 million, reflecting approximately £350 per sq ft.
The unit acquired comprises a 3,193 sq ft self contained office which is currently approximately 70% occupied. The current passing rent is £46,000 per annum, reflecting a low average rental of under £20 per sq ft and in the short term, Picton intends to lease the vacant space and further increase income. The price reflects a net initial yield of 4.0% and a reversionary yield of 7.5%.
Since 2012, Picton has acquired four units as part of its ongoing strategy to consolidate its ownership at this core holding. Following a refurbishment and repositioning programme, recent lettings within the scheme have achieved rents reached in excess of £40 per sq ft.
Michael Morris, Chief Executive of Picton Capital Limited, commented: "This acquisition follows our recent Placing and was identified at the time of fundraising. We believe the fundamentals of this location, low capital value and reversionary income profile are attractive and we are confident of letting the remaining vacant space quickly."
For further information:
Jeremy Carey/James Verstringhe, 020 7920 3150, firstname.lastname@example.org
Picton Capital Limited
Michael Morris, 020 7011 9980, email@example.com
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
David Sauvarin, 01481 745001, 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 £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