Picton Acquires to Consolidate EC1 Holding

RNS Number : 2200K

Picton Property Income Limited

15 April 2015

 



15 April 2015

PICTON PROPERTY INCOME LIMITED

("Picton" or the "Company")

PICTON ACQUIRES TO CONSOLIDATE EC1 HOLDING

Picton Property Income Limited (LSE:PCTN) announces the acquisition of a long leasehold interest at Unit 12 Angel Gate, City Road, London EC1 for a net consideration of £1.1 million, reflecting approximately £350 per sq ft.

The unit acquired comprises a 3,193 sq ft  self contained office which is currently approximately 70% occupied.  The current passing rent is £46,000 per annum, reflecting a low average rental of under £20 per sq ft and in the short term, Picton intends to lease the vacant space and further increase income.  The price reflects a net initial yield of 4.0% and a reversionary yield of 7.5%.

Since 2012, Picton has acquired four units as part of its ongoing strategy to consolidate its ownership at this core holding.  Following a refurbishment and repositioning programme, recent lettings within the scheme have achieved rents reached in excess of £40 per sq ft.

Michael Morris, Chief Executive of Picton Capital Limited, commented: "This acquisition follows our recent Placing and was identified at the time of fundraising.  We believe the fundamentals of this location, low capital value and reversionary income profile are attractive and we are confident of letting the remaining vacant space quickly."

ENDS

For further information:

Tavistock

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

Picton Capital Limited

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

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

David Sauvarin, 01481 745001, [e-mail]

Note to Editors

Picton Property Income Limited ('Picton') is an income focused property 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 £315.7 million at 31 December 2014 and approximately 870 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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