Picton has agreed to sell its second largest office asset, Angel Gate, EC1 for £29.6 million, with completion due on 9 April 2024.
This is in line with our strategy to repurpose appropriate office assets and follows the securing of residential planning consents during 2023 and a subsequent structured marketing process this year.
Following completion of the transaction, our office exposure will reduce from 30% to 28% and portfolio occupancy will increase from 90% to 91%.
The sale consideration is 5% ahead of the 31 December 2023 valuation of £28.1 million.
"The team has done an excellent job at Angel Gate. This sale marks the culmination of a complex process to maximise value from a partially vacant office asset by securing residential planning in a Zone 1 London location.
Michael Morris Chief Executive
The transaction reduces our office exposure and the sale price supports its December 2023 valuation."