The headline for the Picton Property Income Limited announcement released on 8 August 2011 at 7am under RNS No 8872L should read Internalisation Update.
The announcement text is unchanged and is reproduced in full below.
8 August 2011
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
- Picton makes five key appointments -
Picton announces an update on the internalisation of its management, with five key appointments. Picton Capital Limited, the Company's wholly owned Investment Management subsidiary, has signed an agreement with the existing manager, ING Real Estate Investment Management ("ING REIM") that five of its employees will transfer across to Picton with effect from 1 January 2012. In the interim they will continue to be engaged in managing the Company's assets for the duration of ING REIM's notice. The five employees are all members of the former ING UK Real Estate Income Trust team, and will rejoin Chief Executive, Michael Morris and Finance Director, Andrew Dewhirst.
The team has over 85 years combined real estate and finance experience and an average of nearly five years in-depth knowledge of Picton's portfolio and operational requirements. Picton has maintained the continuity of the team which has been successfully managing the Company's assets and now has the majority of its resources in place to take over the day-to-day management of the business from 1 January 2012.
Picton Chairman, Nicholas Thompson, commented: "Bringing our management in-house is an important part of Picton's strategy to deliver shareholder value through creating an asset management platform truly aligned with the interests of shareholders.
"The Board is delighted that we have been able to maintain the integrity of the existing management team, which will ensure continuity for the remaining five months, prior to formal handover.
"With these appointments, Picton Capital will now have a dedicated team of four real estate professionals, two finance professionals alongside operational support. We expect to fill the remaining positions in the coming months."
For further information:
Financial Dynamics 020 7831 3113
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
Tel: 01481 745529
Fax: 01481 745085
Notes to Editors
Picton Property Income Limited* ('Picton'), a closed-end investment company listed on the London and Channel Islands Stock Exchanges, was established in 2005 to invest both directly and indirectly in commercial property across the United Kingdom.
With a property portfolio of GBP 426 million, a Net Asset Value of GBP 209 million at June 2011 and over 900 investors, the Company 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.
On the 1 January 2012 the Company will become a self managed property investment company with Picton Capital Limited, a wholly owned subsidiary of Picton Property Income Limited, taking over investment management from ING REIM UK Limited.
*Picton Property Income Limited changed its name from ING UK Real Estate Income Trust Limited on 1 June 2011.