London, November 17
18 November 2015
PICTON PROPERTY INCOME LIMITED
(“Picton” or the “Company”)
PICTON DISPOSES OF NON CORE RETAIL ASSET
Picton (LSE:PCTN), the property investment company, has disposed of its freehold interest in a high street retail unit in Guildford for £3.25 million, reflecting a net initial yield of 4.3%.
The unit is leased to L’Oreal (UK) Ltd, trading as Kiehl’s, for a further 4.8 years at an annual passing rent of £147,500. This price reflects a 9.2% premium to the September 2015 valuation and a 32% uplift from the 2010 acquisition price.
Michael Morris, CEO of Picton Capital, commented: “We have taken the opportunity to dispose of this low yielding retail asset, crystalising the upside since purchase. Whilst only a small lot size, the healthy premium achieved relative to the September valuation is, we believe, encouraging.”
For further information:
Jeremy Carey/James Verstringhe, 020 7920 3150, firstname.lastname@example.org
Picton Capital Limited
Michael Morris, 020 7011 9980, email@example.com
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
David Sauvarin, 01481 745001, firstname.lastname@example.org
Note to Editors
Picton 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 £393.1 million at 30 September 2015 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.picton.co.uk