PICTON PROPERTY INCOME LTD - Asset Disposal

PR Newswire

 12 July 2016

PICTON PROPERTY INCOME LIMITED
(“Picton”, the “Company” or the “Group”)

ASSET DISPOSAL

Picton (LSE: PCTN), has exchanged contracts to sell a central London office asset, to an overseas investor for £27.8 million.

Boundary House, Jewry Street, EC3, is located in the eastern part of the City and comprises a 45,000 sq ft multi-let office building, constructed in the mid 1950’s. 

On exchange Picton was paid £2.8 million and completion of the disposal will occur on 30 August 2016.  Picton will benefit from the rental income until the completion date.

In addition, Picton will issue an announcement of its June Net Asset Value on 20 July 2016.

Michael Morris, Chief Executive of Picton Capital commented “This transaction will reduce our overall gearing, our exposure to the central London office market and crystallises the value we have created since purchase.”


ENDS


For further information:

Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.uk

Picton Capital Limited
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk

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 £417.1 million at 31 March 2016, 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