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Picton Property Income Ltd - London-based commercial property investor - Completes several asset management initiatives and lettings in three months to September 30, adding GBP800,000 to annualised rent roll.
Pre-lets 45,000 square foot industrial warehouse in Barking, east London, on 15-year term. New annual rent of GBP600,000 is 43% ahead of previous passing rent.
Secures planning permission on former retail warehouse in Bury, near Manchester, and pre-lets to JD Gyms, part of retailer JD Sports Fashion PLC, on a ten-year term with annual rent of GBP150,000.
Completes sale of non-core retail asset for GBP750,000 in Huddersfield.
Completes letting of first floor in Glasgow office space first floor on five-year term at GBP200,000 annually and remaining office space in Chatham, Kent, to NatWest Ltd, part of NatWest Group PLC, for five-year term at GBP270,000 annually.
All lettings are ahead or flat with Picton's estimated rental value as most recently determined in June, it says.
In addition, acquires Madleaze Trading Estate in Gloucester in the quarter for GBP13.1 million, adding GBP750,000 to annualised rent roll. Proforma loan-to-value increased to 22% post-acquisition.
Expects interim results to be announced on November 10.
Current stock price: 95.18 pence
Year-to-date change: up 27%
By Josie O'Brien; josieobrien@alliancenews.com
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