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Picton Prop Inc Ltd (PCTN)


Monday 21 September, 2020

Picton Prop Inc Ltd

Portfolio Update

21 September 2020

(“Picton”, the “Company” or the “Group”)
LEI: 213800RYE59K9CKR4497

Portfolio Update

Picton, provides an update on various initiatives across its property portfolio since its last update in July 2020.

Swiftbox, Rugby – Industrial letting

Following completion of the refurbishment in March 2020, Picton has leased the entire 100,000 sq ft distribution unit to UPS, the multinational supply chain and delivery company on a 12 month, short-term lease, with the option to extend for up to a further six months.  The transaction will immediately generate annual income of £0.6 million, which is 4% ahead of ERV.

Bridge Street, Peterborough – Retail disposal

Picton has exchanged contracts on the disposal of a high street retail asset for £3.98 million.   The property comprises two retail units, with one let to TK Maxx who intend to vacate in March 2021 and the other vacant and previously occupied by New Look. 

The Company has reviewed alternative use options and made a pre-application in respect of converting the upper floors to residential use.  It has now agreed to sell the asset to Peterborough City Council who intend to convert the building into a new City Library and Community Hub.

Picton will keep the rental income until completion, which is due on or before 22 December 2020.  The sale price reflects a significant premium to the independent 30 June 2020 valuation.

Stanford Building, Long Acre, WC2 – Refurbishment & change of use

The refurbishment is nearing completion and initial interest in the office upper floors is encouraging.

Earlier this summer, Picton had made a pre-application to Westminster City Council in respect of converting the 1st floor from retail to office use.  It now intends to make use of the recent changes within The Town and Country Planning (Use Classes) Regulations 2020 and the introduction of ‘Class E’, to effect this change.

Retail & leisure exposure

With effect from September 2020, Stanford Building will be reclassified as a West End Office, rather than High Street Retail reflecting the now predominant value within the office element of the building. 

Combined with the disposal referred to above and based on the June 2020 valuation, the retail & leisure element of the portfolio will reduce from 18% to 12% of the total (comprising 7% Retail warehouse and 3% High Street Retail and 2% Leisure). Industrial will be 49% and Offices 39%.

The Company intends to provide a further update at the time of its interim results, due November 2020.

Michael Morris, CEO at Picton, commented:

“With the completion of these initiatives, we have reduced the overall portfolio weighting to retail and secured immediate additional rental income from a major international logistics business. This goes to show that despite the challenges of the last few months, our overall portfolio strategy and approach to asset management and occupier relations continues to deliver.”

For further information:

Jeremy Carey/James Verstringhe, 020 7920 3150, [email protected]

Michael Morris 0207 011 9980, [email protected]

Note to Editors

Picton, established in 2005, is a UK REIT. It owns and actively manages a £659 million diversified UK commercial property portfolio, invested across 47 assets and with around 350 occupiers (as at 30 June 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.

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