12 June 2013
Picton Property Income Limited
Portfolio Update Since 31 March 2013
("Picton" or the "Company")
Picton (LSE: PCTN), provides an update on portfolio activity since 31 March 2013 in conjunction with its Annual Results released today.
· 12 lettings completed, adding £0.5 million of annual rental income
· Completed lease renewals and extensions maintaining £0.14 million of annual rental income
· Improved occupancy from 88% to 89%
· Seven new lettings in solicitors' hands totalling £0.42 million
· Non-core asset sold in Bath for £0.35 million, reflecting a 1% premium to 31 March valuation
In the period since 31 March 2013, Picton has improved occupancy in its portfolio, completing 12 lettings with combined rental income of £0.5 million.
In particular, the Company has made progress in respect of a number of letting initiatives which follow refurbishment programmes completed at the start of the year. 1 Chancery Lane is fully leased, following two separate lettings. Two industrial units at Datapoint, E16 are occupied and further lettings have taken place in Colchester, Middleton, Chester, Warrington and Luton.
In addition, the Company has renewed and extended leases with existing occupiers totalling £0.14 million.
As a result of all initiatives completed since 31 March 2013, the occupancy rate has increased from 88% to 89%. Lettings were on average in line with the independent assessment of estimated rental value.
Encouragingly a further seven new lettings are in solicitors' hands with an annual rental income totalling in excess of £0.42 million and this includes space at the Company's Covent Garden office scheme.
In respect of trading, Picton has exchanged contracts to sell one of its non-core units in Bath, for £355,000 which reflects a 1% premium to the March 2013 valuation. Proceeds from this transaction will be allocated to other identified asset management initiatives within the portfolio. Further non-core asset disposals have been identified and additional activity is expected in this regard during 2013.
For further information:
Jeremy Carey/James Verstringhe, 020 7920 3150, firstname.lastname@example.org
Picton Capital Limited
Michael Morris, 020 7011 9978, email@example.com
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
Tel: 01481 745529
Fax: 01481 745085
Note 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 £169.4 million at 31 March 2013 and approximately 870 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. www.pictonproperty.co.uk