Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Reports net asset value and income accretive activity across all sectors. Activity includes securing a new ten-year lease on both of an existing occupier's units at River Way Industrial Estate, Harlow, for GBP700,000 per year. Picton also exchanged unconditional contracts on a 15-year lease renewal at another River Way unit for GBP600,000 per year. Has assigned lease of its retail unit in Covent Garden to a UK-based global cosmetics business "with no loss of income." Picton also has exchanged contracts to sell a partially vacant office building in Cardiff to a student accommodation developer; it says the transaction is NAV accretive regardless of exact planning permissions.
Chief Executive Michael Morris says update "demonstrates significant progress across a number of key initiatives aimed at improving our portfolio and finding alternative uses for some of our office assets, including in the healthcare, student accommodation and residential sectors."
Current stock price: 66.98 pence
12-month change: down 11%
By Emma Curzon, Alliance News reporter
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Picton Prop (PCTN)