Picton Property Income Ltd - London-based real estate investment trust - Completes the freehold acquisition of mixed-use property in London for GBP13.7 million. This reflects a net initial yield of 3.3%. Acquisition funded from existing cash resources.
The property comprises of four adjoining buildings with a total office space of 28,500 square feet and retail space of 4,400 square feet. It is a Grade II listed building. Picton says this means there is no business rates payable on void units. Current annual rental income of the property is GBP500,000, or GBP34 per square foot.
Current stock price: 94.20 pence
12-month change: up 9.2%
By Heather Rydings; heatherrydings@alliancenews.com
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Picton Prop (PCTN)