LONDON (Alliance News) - Picton Property Income Ltd on Tuesday said it has struck a deal to acquire a fully-let office building in Salford Quays in Manchester for GBP17.6 million.
The Metro property is fully-let to four tenants and produces around GBP1.2 million in rental income per share, reflecting a net initial yield on the purchase of 6.2%.
The office offers 71,000 square feet of space and is close to the Exchange Quay tram link.
"This is a high quality office which will further enhance our portfolio. Recognising the growing importance of this location in both a micro and macro context, we are confident that this asset will make a positive contribution to both income and capital growth," said Michael Morris, chief executive of Picton Capital, the manager of the fund.
Shares in Picton were flat at 69.00 pence early Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Picton Prop (PCTN)