Market Capitalisation £562.94M

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.

Glasgow

180 West George Street is a Grade A headquarters building, located in the heart of Glasgow’s central business district.

180 West George Street offers contemporary, open plan office space with occupier amenities including bicycle storage, electric car charging and shower facilities.

Following a comprehensive refurbishment, which completed just before the start of the year, the building provides some of the best quality space available in Glasgow’s central business district. Working with our occupiers, further works were completed during the period, including new office entrances and the installation of a building system monitoring platform, Asset IQ. This ensures we are running all of the systems optimally to save electricity and gas in line with our sustainability aims, and this will also result in reduced running costs for the building, to the benefit of our occupiers.

We let the fourth floor to Peninsula Business Services, securing a minimum five-year term at an initial rent of £0.2 million per annum, which is 15% ahead of the previous passing rent and 1% ahead of ERV. In another transaction, we moved an occupier’s break option out by a year, securing £0.2 million of income.

Key Property Details

Number of occupiers

5

Square feet

52,100

Occupier focused, Opportunity led