Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Secures value-accretive residential permitted development rights across entire 1.7 acre Angel Gate office asset in London. Company obtained residential consent via permitted development rights on 30,000 square feet of vacant space earlier in 2023, but further conversion remained restricted from September under an updated Article 4 direction. Following "proactive" engagement with local and national planning authorities, this direction has been modified to remove the entire site from this restriction. Picton now intends to commence a strategic review regarding future options for the site.
Chief Executive Michael Morris says: "This is a significant step forward in our office to alternative use strategy...made possible by our asset management team's knowledge of the changing planning policy environment and engagement with the planning authorities to achieve a rare outcome that can generate residential supply in a sought after Zone 1 location."
Current stock price: 64.59 pence, up 0.9% in London on Tuesday morning
12-month change: down 25%
By Emma Curzon, Alliance News reporter
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Picton Prop (PCTN)