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 £3.85 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 £150,000 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 £674 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