Last checked at 14 Oct 2016 07:00
PICTON PROPERTY INCOME LTD - Picton Secures £5.25 Million SettlementPICTON PROPERTY INCOME LTD - Picton Secures £5.25 Million Settlement
PR Newswire
London, October 13
14 Oct 2016
PICTON PROPERTY INCOME LIMITED(“Picton” or “Company”)
PICTON SECURES £5.25 MILLION SETTLEMENT
Picton (LSE:PCTN), the income focused property investment company, will receive a payment of £5.25 million following the final settlement of a dispute arising from guarantee provisions within an occupational lease at the Strathmore Hotel, Luton.
The settlement will have an accretive effect of just less than 1.0 pence per share on the forthcoming quarterly NAV for the period to 30 September 2016 as it relates to a dispute dating back to 2014. It will further reduce the Company’s net gearing, when received in November.
The property’s current leasing arrangements and valuation are unaffected by the settlement.
ENDS
For 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