10 January 2013
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON SECURES QUARTET OF CENTRAL LONDON LETTINGS
Picton (LSE:PCTN), the income focused property investment company, announces that it has secured four new lettings in central London as part of the Company's ongoing leasing programme.
At Boundary House, London EC3, the Company secured two lettings on a total of 3,207 square feet of offices with a rental income of £80,000 per annum. At Austin Friars, London EC2, two occupiers signed leases on office suites with a combined area of 1,954 square feet and a total rent of £82,000 per annum. All lettings were secured in line with the estimated rental values.
Picton will shortly start marketing two floors of office space totalling 4,834 square feet following a refurbishment at 1 Chancery Lane WC2. In addition, the refurbishment of 6,890 square feet of office space at the Company's Long Acre scheme in Covent Garden is due to complete at the end of January with marketing to commence thereafter. These schemes have a combined ERV of over £550,000 per annum.
Michael Morris, of Picton, commented: "Following the completion last year of a number of significant initiatives to strengthen both the financial and operational position of the Company, these latest lettings reflect our focus this year on portfolio initiatives. This will be achieved through a combination of asset management, to enhance underlying assets, and through increasing occupancy across the portfolio with a particular focus on London."
For further information:
Tavistock Communications 020 7920 3150
James Verstringhe / Amy Walker
Notes to Editors
Picton Property Income Limited ('Picton') is an income focused, internally managed Investment Company listed on the London and Channel Islands Stock Exchanges. It was established in 2005 to invest both directly and indirectly in commercial property across the United Kingdom.
With Net Assets of £180.2 million at 30 September 2012 and approximately 850 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.