9
September 2024
PICTON PROPERTY INCOME
LIMITED
('Picton' or the
'Company')
LEI:
213800RYE59K9CKR4497
Disposal
Update
Longcross, Cardiff - office
to student accommodation repositioning
Background
In October 2023, Picton exchanged
contracts to sell a partially vacant office building to an
experienced student accommodation developer.
The transaction was conditional on
planning permission, for which an application was submitted in May
2024.
Update
Picton has been notified that a
resolution to grant planning permission has been secured. The
development will deliver 706 beds across 488 units.
To facilitate the disposal, Picton
has secured vacant possession of the building during
2024.
Completion of the disposal is
expected before the end of the year, following receipt of a
satisfactory s106 agreement. This will enable the purchaser to
commence the development in early 2025 and complete it ahead of the
2028/9 academic year.
The sale price is dependent on the
exact planning consent secured and, specifically, on the number of
beds secured, subject to a collar and cap. The size of the
consented scheme means that Picton will benefit from the maximum
top up and, as such, the transaction is accretive relative to the
June 2024 NAV.
A further update will be provided
when completion occurs.
For
further information:
Picton
Michael Morris, Chief
Executive
020 7011 9980,
michael.morris@picton.co.uk
Tavistock
James Verstringhe
020 7920 3150,
james.verstringhe@tavistock.co.uk
About Picton
Established in 2005, Picton is
listed on the main market of the London Stock Exchange and is a
constituent of a number of EPRA indices including the FTSE EPRA
Nareit Global Index.
Picton owns and actively manages a
£718 million UK commercial property portfolio, invested across 48
assets and with around 350 occupiers (as at 30 June
2024).
Through an occupier focused,
opportunity led approach, Picton aims to be one of the consistently
best performing diversified UK REITs and has delivered upper
quartile outperformance and a consistently higher income return
than the MSCI Quarterly Property Index since
launch.
With a portfolio strategically
positioned to capture income and capital growth, currently weighted
towards the industrial sector, Picton's agile business model
provides flexibility to adapt to evolving market trends over the
long-term.
Picton has a responsible approach to
business and is committed to being net zero carbon by
2040.
For more information please
visit: www.picton.co.uk
ENDS