TIDMPCTN 
 
21 September 2020 
 
                        PICTON PROPERTY INCOME LIMITED 
                   ("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 GBP0.6 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 GBP3.98 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: 
 
Tavistock 
Jeremy Carey/James Verstringhe, 020 7920 3150, 
james.verstringhe@tavistock.co.uk 
 
Picton 
Michael Morris 0207 011 9980, michael.morris@picton.co.uk 
 
 
Note to Editors 
 
Picton, established in 2005, is a UK REIT. It owns and actively manages a GBP659 
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. 
 
For more information please visit: www.picton.co.uk. 
 
                                     ENDS 
 
 
 
END

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