7 June
2017
PICTON PROPERTY
INCOME LIMITED
(“Picton”, the “Company” or the “Group”)
PORTFOLIO
UPDATE
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:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
james.verstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9980,
michael.morris@picton.co.uk
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
ENDS