22 January
2018
PICTON PROPERTY
INCOME LIMITED
(“Picton”, the “Company” or the “Group”)
LEI:
213800RYE59K9CKR4497
Picton signs two
new occupiers at Tower Wharf in Bristol
Picton, the property investment company, announces that it has
secured two new occupiers at Tower Wharf, the Grade A Bristol
office building that it acquired for £23.15 million in August 2017.
Two global and market leading businesses have completed new
leases for a combined 19,100 sq ft. The fourth floor has been
let to Integreon, a business support company and the fifth floor
has been let to the advertising agency, McCann.
With a combined annual rent of £0.54 million, equivalent to
£28.50 per sq ft and 4% ahead of the September estimated rental
value (ERV), the lettings will further improve the income profile
and will have a positive valuation impact in March. Following
these lettings, the building is now over 90% occupied with only one
suite remaining on the first floor.
Located in a prominent position on the waterfront, adjacent to
Temple Way, and equidistant to both Temple Meads Station and the
Cabot Circus shopping district, the building was constructed in
2005 to a BREEAM “Excellent” rating. Overall, it provides 70,664
square feet of office accommodation arranged over ground and five
upper floors, with car parking in the basement.
www.towerwharf.co.uk
Michael Morris, Chief
Executive of Picton Capital Limited, commented: “We acquired
Tower Wharf because we identified the potential to significantly
enhance value and income through leasing the vacant space quickly
in a local market with high occupational demand and a lack of Grade
A stock. To have signed these leases so soon after acquiring the
building vindicates our strategy and highlights the team’s ability
to grow income and create value.”
For further information please
contact:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
james.verstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9980
Note to Editors
Picton is a property investment company established in
2005. It owns and actively manages a £661 million
diversified UK commercial property portfolio, invested across 52
assets and with around 350 occupiers (as at 30 September 2017). Through an occupier focused,
opportunity led approach to real estate asset management, Picton
aims to be one of the consistently best performing diversified UK
property companies listed on the main market of the London Stock
Exchange.
For more information please visit: www.picton.co.uk
ENDS