Market Capitalisation £507.63M

Picton Property Income Limited entered the UK REIT regime on 1 October 2018 and became a commercial company. As such Picton is outside the scope of AIFMD and is not required to produce a Key Information Document (KID) under PRIIPs.

Debt Overview

Picton has principally long-term fixed rate borrowings, with additional flexibility provided through shorter term revolving credit facilities.

As at 31 March 2019, Picton's overall debt structure can be summarised as follows:-

Total drawn debt of £194.7 million

Net gearing 24.7%

Average debt maturity of 9.8 years

Weighted average interest rate of 4.0% (87% fixed)

£25 million of undrawn facilities

The Group has a loan with Canada Life Limited for £80 million, which is fully drawn. The loan expires in July 2027 and interest is fixed at 4.08% over the life of the loan.

Additionally, the Group has a term loan facility agreement with Aviva Commercial Finance Limited for £90.1 million, which was fully drawn in July 2012. The loan matures in July 2032, with approximately one third repayable over the life of the loan in accordance with a scheduled amortisation profile. Interest on the loan is fixed at 4.38% over the life of the loan.

The Group has two revolving credit facilities with Santander which provide access to £51 million of committed funds. If drawn, interest will be charged at 190 and 175 basis points respectively over the 3 month LIBOR. £26 million is currently drawn under the facility.

If you would like to receive more frequent communication from Picton, including market views and our quarterly investor updates, please subscribe to our mailing list.

Occupier focused, Opportunity led