Last checked at 17 Jan 2012 07:00
17 January 2012
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON CONSOLIDATES EC1 HOLDING
Picton Property Income Limited (LSE:PCTN), the income focused property investment company, announces that it has acquired two buildings at Angel Gate Office Village, City Road, London EC1 for a net consideration of £2.6 million, reflecting an initial yield of circa 11%. The consideration was paid from existing cash resources.
The buildings (Units 17/18 and 24) form part of a multi let office development, the remainder of which Picton already owns, and is one of the ten largest assets in its portfolio. The acquisition consolidates the Company's holding at Angel Gate, a central London location, which provides an attractive, dividend cover accretive income return. The purchase price represents a low capital value under £250 per sq ft offering medium term growth potential.
Michael Morris, Chief Executive of Picton Capital Limited, commented: "This is an opportunistic acquisition as we already own the surrounding Estate. The fundamentals of the central London location, low capital value and high income return fits in with the overall Company strategy as well as our medium term plans for this asset."
ENDS
For further information:
Tavistock Communications 020 7920 3150
Jeremy Carey
James Verstringhe
Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745 529
David Sauvarin
Notes to Editors
Picton Property Income Limited* ('Picton'), an income focused Investment Company listed on the London and Channel Islands Stock Exchanges, was established in 2005 to invest both directly and indirectly in commercial property across the United Kingdom.
With a Net Asset Value of £211.3 million at 30 September 2011 and approximately 900 investors, 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.
*Picton Property Income Limited changed its name from ING UK Real Estate Income Trust Limited on 1 June 2011.