12 August 2015
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON ACQUIRES LONG LEASED RETAIL WAREHOUSE
Picton (LSE:PCTN), the income focused property investment company, has acquired the freehold of a retail warehouse in Sheffield, for £17.7 million, reflecting a net initial yield of 6.6%.
The property is well located close to Sheffield city centre, in an established retail warehouse location and adjacent to Queens Road Retail Park. It was built in 2002 on a nine acre site, comprising a 103,000 sq ft retail warehouse with a 40,000 sq ft outdoor garden centre, builders yard and 460 space car park.
The property is leased in its entirety to B&Q plc for a further 12.4 years at an annual rent of £1.24 million, which equates to a low overall rent of approximately £12 per sq ft and is subject to review in 2017.
This income accretive acquisition continues Picton's strategy of acquiring good quality, well located assets let off low rents with potential for income growth in the medium term.
Michael Morris, CEO of Picton Capital, commented: "This is an opportunistic acquisition in a sector where we currently have low exposure. It reflects our confidence in this location and the underlying property fundamentals, including the longevity of the income stream and the potential for future growth".
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 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 £382.6 million at 30 June 2015, 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.picton.co.uk