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LONDON (Alliance News) - Picton Property Income Ltd on Wednesday said it has struck a deal to acquire the freehold on a retail warehouse in Sheffield for GBP17.7 million.
The purchase price for the property reflects a net initial yield of 6.6%, the company said.
The property is located close to Sheffield city centre and is currently leased to B&Q, the DIY retailer owned by FTSE 100-listed Kingfisher PLC. It comprises a 103,000 square foot retail warehouse, with a 40,000 square foot outdoor garden centre, a builders yard and car park.
"This is an opportunistic acquisition in a sector where we currently have low exposure. It reflects our confidence in this location and the underlying property fundamentals, including the longevity of the income stream and the potential for future growth," said Michael Morris, Picton's chief executive.
Picton Property shares were off 0.2% at 74.34 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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