Portfolio Update

8 October 2021

PICTON PROPERTY INCOME LIMITED

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

LEI: 213800RYE59K9CKR4497

Portfolio update

Picton provides a portfolio update, ahead of its interim results to be announced on 10 November 2021.

In the quarter to 30 September 2021, the Company completed several asset management initiatives and lettings, as detailed below, adding £0.8 million per annum to the annualised rent roll, either in line or ahead of ERV.

Industrial

In Barking, it pre-let a 45,000 sq ft warehouse on a 15-year term, subject to landlord enabling works, which are due to complete this year. The new rent of £0.6 million per annum is 43% ahead of the previous passing rent and in line with the June ERV. The unit became vacant during the quarter.

Retail and Leisure

In Bury, it secured planning permission on a former retail warehouse unit to enable a pre-letting to JD Gyms on a ten-year term, subject to landlord enabling works. The rent of £0.15 million per annum is in line with the June ERV. Following the completion of this lease, the Company’s retail warehouse portfolio will be fully let.

In Huddersfield, it completed the sale of a non-core retail asset for £0.75 million, 7% ahead of the June valuation.

Office

In Glasgow, it completed the letting of the first floor at 180 West George Street for £0.2 million per annum, 4% ahead of the June ERV, for a term of five years.

In Chatham, it completed the letting of all the remaining space at 50 Pembroke Court to NatWest at £0.27 million per annum, 7% ahead of the June ERV, for a term of five years, subject to break.

Acquisition

In addition to these asset management initiatives, as announced on 1 October 2021, Picton has also acquired Madleaze Trading Estate in central Gloucester for £13.1 million.  This will add £0.75 million per annum to the rent roll, with the potential to increase this further once the asset is fully let and rents are reset to current market levels.

Further detail will be provided in the interim results.

Michael Morris, Chief Executive, commented:

“These transactions will have a positive valuation impact and result in a further increase in occupancy and corresponding reduction in void holding costs across the portfolio. They also demonstrate the positive demand for our assets across all sectors and are further evidence that business activity is increasing.”

Enquiries:

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

Picton
Michael Morris, 020 7011 9980, [e-mail]

Note to Editors

Picton, established in 2005, is a UK REIT. It owns and actively manages a £702 million diversified UK commercial property portfolio, invested across 46 assets and with around 350 occupiers (as at 30 June 2021).

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

ENDS