1 September 2015
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON MAKES REGIONAL OFFICE ACQUISITION
Picton (LSE: PCTN), the property investment company, has acquired 180 West George Street, a multi-let office investment in Glasgow for £14.25 million, reflecting a net initial yield of 7.8%.
Constructed in 2000, the property provides 52,100 sq ft of office accommodation over basement, ground and six upper floors and is located on a prime street in the heart of Glasgow's central business district. It is fully let and produces a net rental annual income of £1.18 million, equivalent to an average rent of under £23 per sq ft.
Occupiers include TSB Bank, Standard Life and Michael Page and the weighted average unexpired lease term is 2.4 years.
Michael Morris, Chief Executive of Picton Capital Limited, commented:
"This is our third income accretive acquisition in as many months and combined we have now invested over £51 million with a blended yield of 7.7% and an average income maturity profile of over six years. "
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 £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