Last checked at 17 Oct 2016 07:00
PICTON PROPERTY INCOME LTD - Central London Asset DisposalPICTON PROPERTY INCOME LTD - Central London Asset Disposal
PR Newswire
London, October 14
17 Oct 2016
PICTON PROPERTY INCOME LIMITED(“Picton”, the “Company” or the “Group”)
CENTRAL LONDON ASSET DISPOSAL
Picton (LSE:PCTN), the income focused property investment company, has disposed of its interest at 1 Chancery Lane, WC2 for £17.25 million, reflecting a net initial yield of 3.9%.
1 Chancery Lane comprises a 15,000 sq ft multi-let retail and office block, located in London’s Midtown, arranged over basement, ground and five upper floors.
The disposal formed part of and now completes its strategy to reduce central London office exposure and use the proceeds to reduce gearing. As a result, Picton’s London office weighting will further reduce from 15% on 30 June 2016 to 13% on a pro forma basis.
The asset was acquired in 2005 for £9 million and the sale price reflects a 7.8% premium to the 30 June 2016 external valuation.Michael Morris, Chief Executive of Picton Capital Limited, commented:“This NAV accretive transaction captures the upside created since purchase, reduces our central London office exposure and enables us to reduce our overall debt levels within the Group”ENDSFor further information:TavistockJeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.ukPicton Capital LimitedMichael Morris, 020 7011 9980, michael.morris@picton.co.ukNote to EditorsPicton is an income focused property investment company listed on the London Stock Exchange. Picton can invest both directly and indirectly in commercial property across the United Kingdom.With Net Assets of £418.0 million at 30 June 2016, the Company´s objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors. www.picton.co.uk