14 Oct 2016
PICTON PROPERTY
INCOME LIMITED
(“Picton” or “Company”)
PICTON SECURES
£5.25 MILLION SETTLEMENT
Picton (LSE:PCTN), the income focused property investment
company, will receive a payment of £5.25 million following the
final settlement of a dispute arising from guarantee provisions
within an occupational lease at the Strathmore Hotel, Luton.
The settlement will have an accretive effect of just less than
1.0 pence per share on the
forthcoming quarterly NAV for the period to 30 September 2016 as it relates to a dispute
dating back to 2014. It will further reduce the Company’s net
gearing, when received in November.
The property’s current leasing arrangements and valuation are
unaffected by the settlement.
ENDS
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
jverstringhe@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 £418.0 million at 30 June
2016, 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