Picton Prop Inc Ltd Non-core asset disposal
March 29 2018 - 2:00AM
UK Regulatory
TIDMPCTN
29 March 2018
PICTON PROPERTY INCOME LIMITED
("Picton", the "Company" or the "Group")
LEI: 213800RYE59K9CKR4497
Non-core asset disposal
Picton has exchanged contracts to sell a non-core asset (the "Property") to
Cheshire West and Chester Council for GBP3.85 million, with completion due in
June 2018.
The Property, located in central Chester, comprises a fully occupied, multi-let
22,000 sq ft office building with nine occupiers and a weighted average
unexpired lease length of just over three years.
The purchaser had exercised a Compulsory Purchase Order (CPO) for the Property
as part of the wider Chester Northgate retail, leisure and residential scheme.
This transaction was agreed as part of the process, enabling them to acquire
the property in advance of a confirmed CPO.
The sale price reflects a net initial yield of 6.4% and a 5% premium to the 31
December 2017 independent valuation.
In addition a further top-up payment of GBP150,000 is due on or before 2023,
dependent on the timing of the Chester Northgate scheme.
Michael Morris, Chief Executive of Picton Capital Limited, commented: "This
NAV accretive transaction captures the upside from our leasing and asset
management activity. The proceeds further reduce the Group's LTV."
For further information please contact:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
james.verstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9980
Note to Editors
Picton is a property investment company established in 2005. It owns and
actively manages a GBP674 million diversified UK commercial property portfolio,
invested across 51 assets and with around 350 occupiers (as at 31 December
2017). Through an occupier focused, opportunity led approach to real estate
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
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