Acquisition

RNS Number : 5407M

Picton Property Income Limited

17 July 2014

 



17th July 2014

PICTON PROPERTY INCOME LIMITED

("Picton" or the "Company")

Picton acquires Belkin distribution warehouse

Picton, the income focused property investment company, has completed the acquisition of a distribution warehouse in Rushden, Northamptonshire for £20 million reflecting a net initial yield of 7.7%.

The unit provides 312,000 sq ft of modern warehouse accommodation on a 14 acre site and is leased until April 2020, to Belkin Limited, a leading global manufacturer of products within the technology sector,  producing an annual rent of £1.63 million.

Centrally located within the UK's distribution 'heartland', the distribution warehouse has good road connectivity with the A45, providing access to the M1, A14 and A1(M) transport routes. 

Following this purchase, Picton has substantially deployed the proceeds identified for new asset purchases from its May fundraising.

Michael Morris, Chief Executive of Picton Capital, commented:

"This asset meets our investment criteria and provides a good balance of both yield and longevity of income. The surrounding area is an attractive location for logistics assets and this acquisition is also consistent with our strategy of buying assets where the pricing has a strong correlation with cost of construction".

ENDS

For further information:

Tavistock Communications                                                                                               020 7920 3150

James Verstringhe                                                                                           [e-mail]

Picton Capital Limited                                                                                                       020 7011 9980

Michael Morris                                                                                       [e-mail]

Northern Trust International Fund Administration Services (Guernsey) Limited                 01481 745529

David Sauvarin                                                                                                                     [e-mail]

Note to Editors

Picton is an income focused, internally managed 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 £214.1 million at 31 March 2014 and approximately 850 investors, 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.pictonproperty.co.uk

 

END

 

 

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