Non-core asset disposal

29 March 2018

PICTON PROPERTY INCOME LIMITED

(“Picton”, the “Company” or the “Group”)

LEI: 213800RYE59K9CKR4497

Non-core asset disposal

Picton has exchanged contracts to sell a non-core asset (the “Property”) to Cheshire West and Chester Council for £3.85 million, with completion due in June 2018.

The Property, located in central Chester, comprises a fully occupied, multi-let 22,000 sq ft office building with nine occupiers and a weighted average unexpired lease length of just over three years.

The purchaser had exercised a Compulsory Purchase Order (CPO) for the Property as part of the wider Chester Northgate retail, leisure and residential scheme. This transaction was agreed as part of the process, enabling them to acquire the property in advance of a confirmed CPO.

The sale price reflects a net initial yield of 6.4% and a 5% premium to the 31 December 2017 independent valuation.

In addition a further top-up payment of £150,000 is due on or before 2023, dependent on the timing of the Chester Northgate scheme.

Michael Morris, Chief Executive of Picton Capital Limited, commented:  â€œThis NAV accretive transaction captures the upside from our leasing and asset management activity. The proceeds further reduce the Group’s LTV.”

For further information please contact:

Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150, [e-mail]

Picton Capital Limited
Michael Morris, 020 7011 9980

Note to Editors

Picton is a property investment company established in 2005.   It owns and actively manages a £674 million diversified UK commercial property portfolio, invested across 51 assets and with around 350 occupiers (as at 31 December 2017). Through an occupier focused, opportunity led approach to real estate 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

ENDS