26 June 2018
PICTON PROPERTY INCOME LIMITED
(“Picton”, the “Company” or the “Group”)
Asset Disposal Update
Picton has completed the disposal of two office assets, both in separate transactions with Local Authorities.
The Group has sold 800 Pavilion Drive, Northampton, a detached office building, let to Ricoh UK Limited on a lease expiring in June 2023. The sale price of £7.95 million reflects a net initial yield of 7.5% and 13% uplift to the independent March 2018 valuation.
Additionally, as first announced on 29 March 2018, Picton has also now completed the sale of Merchants House, Chester, receiving £3.85 million, with a further £0.15 million top up payment due on or before 2023.
Michael Morris, Chief Executive of Picton Capital Limited, commented: “We are pleased to have completed these disposals enabling us to capture recently created upside. We intend to use these proceeds to further reduce our debt position in the short term, ahead of reinvesting into suitable investment opportunities.”
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
Note to Editors
Picton is a property investment company established in 2005. It owns and actively manages a £684 million diversified UK commercial portfolio, invested across 51 assets and with around 360 occupiers (as at 31 March 2018). Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified UK focused property companies listed on the main market of the London Stock Exchange.
For more information please visit: www.picton.co.uk