Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Completes sale of its office asset in Angel Gate, London for GBP29.6 million, reflecting a 5% increase from a recent valuation in December. The sale was announced in early April.
Notes that a proportion of the proceeds will be used to fully repay the GBP16.4 million outstanding balance on its revolving credit facility, with the remainder available for "appropriate future investment opportunities."
Earlier in April, Chief Executive Officer Michael Morris said: "This sale marks the culmination of a complex process to maximise value from a partially vacant office asset by securing residential planning in a Zone 1 London location."
Current stock price: 61.42 pence, up 1.9% in London on Monday
12-month change: down 19%
By Sophie Rose, Alliance News senior reporter
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Picton Prop (PCTN)