Last checked at 
LONDON (Alliance News) - Picton Property Income Ltd on Tuesday said it is selling one of its central London office properties to an overseas investor for GBP27.8 million.
The commercial property investor said it has exchanged contracts to sell the 45,000 square foot multi-let office building to an unnamed overseas investor. The property, named Boundary House, is located in the eastern part of the City of London, Picton said,
On exchange of the contracts Picton said it was paid GBP2.8 million, and completion of the sale is expected on August 30. Until that date, Picton will benefit from the rental income of the office building, the company said.
"This transaction will reduce our overall gearing, our exposure to the central London office market and crystallises the value we have created since purchase," said Michael Morris, chief executive of Picton Capital Ltd which manages the fund.
Shares in Picton were up 0.8% at 67.25 pence on Tuesday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.