Portfolio Update

17 December 2020

Picton Property Income Limited
(“Picton”)

LEI: 213800RYE59K9CKR4497 

Portfolio Update

Retail disposal, office lettings and industrial rental uplifts

Picton is pleased to announce a series of asset management transactions which have completed since the interim results announcement of 12 November 2020.

Retail

Further to the announcement dated 21 September 2020, Picton confirms the completion of a retail disposal in Peterborough for £3.98 million. The proceeds will be reinvested into ongoing projects within the portfolio.  As a result of this transaction, the high street retail exposure in the portfolio reduces from 4% to 3% on a proforma basis.

At Parc Tawe, Swansea, Picton secured JD Sports Gyms to take the former Xercise4Less unit after the company was put into administration in July. The new rent is 14% below the previous passing rent and 6% below the September ERV; however, it is subject to an annualised RPI uplift in 2023 and has been agreed with no further incentives.

Office

The Company has let an office suite in Tower Wharf, Bristol to a financial planning specialist at £0.2 million p.a., on a 10-year term with a five-year break, which is in line with the September 2020 ERV. This transaction follows an assignment of the 4^th floor, to a cloud-based finance software company which completed earlier this year.

Industrial

Two rent reviews have been completed at our multi-let industrial estates in Radlett and Harlow, increasing the passing rent to £0.3 million p.a. and providing a 24% average uplift, in line with the September 2020 ERV.

A further portfolio update will be provided late in January, concurrently with the December 2020 NAV announcement

Enquiries:

Picton

Michael Morris 0207 011 9980, [e-mail]

Note to Editors

Picton, established in 2005, is a UK REIT. It owns and actively manages a £662 million diversified UK commercial property portfolio, invested across 47 assets and with around 350 occupiers (as at 30 September 2020). 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.
 

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