7 June 2017
PICTON PROPERTY INCOME LIMITED
(“Picton”, the “Company” or the “Group”)
Picton is pleased to provide an update in respect of several recent portfolio transactions covering the period since 31 March 2017:-
Two further lettings at 50 Farringdon Road, London EC1
At the Company’s largest office vacancy, two suites of 3,000 sq ft and 8,900 sq ft respectively have been let generating a combined rent of £0.62 million per annum. The lettings are 2% ahead of the March 2017 ERV and mean that 75% of the building is now leased.
Letting of largest industrial void - River Way, Harlow
The Company’s largest industrial vacancy at River Way, Harlow has also been let. This follows receipt of planning consent for a change of use, thereby satisfying conditions contained within an Agreement to Lease, completed earlier in the year. The 30,500 sq ft letting secures a minimum 10 year term certain and will produce rent of £0.2 million per annum, with uplifts collared and capped at 2% and 4% respectively, compounded annually.
Non-core NAV accretive asset disposals - Bracknell
The Company has exchanged contracts to dispose of two non-core office assets in Bracknell for a combined consideration of £9.86 million, with completion due later this month:-
- Phoenix House, Waterside Park is currently vacant and follows the disposal of Queensgate House announced earlier in the year.
- L’Avenir, Bagshot Road is a single let office, which will become vacant at the end of June 2017. The building benefits from permitted development rights, which could enable an office to residential conversion.
The effect of the above transactions, will be to increase pro forma occupancy to 96%, from 94% reported as at 31 March 2017. A more detailed update will be provided in July 2017, when the Company releases its June NAV statement.
Michael Morris, Chief Executive of Picton Capital Limited, commented: “These transactions collectively reduce outgoings, improve cash flow and support NAV growth. They also highlight our continued focus on growing occupancy, enhancing income longevity and value creation.”
For further information:
Jeremy Carey/James Verstringhe, 020 7920 3150, [email protected]
Picton Capital Limited
Michael Morris, 020 7011 9980, [email protected]
Note to Editors
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 £441.9 million at 31 March 2017, 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.picton.co.uk