17 January 2017
PICTON PROPERTY
INCOME LIMITED
(“Picton”, the
“Company” or the “Group”)
PICTON DISPOSES OF
TWO NON-CORE RETAIL ASSETS
Picton, the property investment company, announces the disposal
of two small, non-core retail assets in Bath for a total of £3.23
million, reflecting an aggregate net initial yield of 4.7% and a
29% premium to the 30 September external valuation.
The disposals of 2 Bath Street and 6 Argyle Street, are in line
with the Company’s ongoing strategy to reshape the portfolio in
favour of larger assets with greater potential for capital and
income growth.
These assets were originally purchased with a combined value of
£2.08 million as part of the Rugby REIT acquisition in 2010 and
have since generated attractive income and capital returns.
Michael Morris, Chief
Executive of Picton Capital Limited, commented: “These
disposals are NAV accretive, reduce our overall retail exposure and
further demonstrate our ability to create value significantly ahead
of the wider market, through our opportunity led approach.”
Picton will announce its net asset value as at 31 December 2016 during the week commencing
23 January 2017.
ENDS
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
james.verstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9980,
michael.morris@picton.co.uk
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 £423.9 million at 30
September 2016, 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