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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Picton Property Income Limited | AQSE:PCTN.GB | Aquis Stock Exchange | Ordinary Share | GB00B0LCW208 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 64.30 | 57.70 | 70.90 | 64.30 | 64.30 | 64.30 | 0.00 | 07:01:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPCTN 17 Oct 2016 PICTON PROPERTY INCOME LIMITED ("Picton", the "Company" or the "Group") CENTRAL LONDON ASSET DISPOSAL Picton (LSE:PCTN), the income focused property investment company, has disposed of its interest at 1 Chancery Lane, WC2 for GBP17.25 million, reflecting a net initial yield of 3.9%. 1 Chancery Lane comprises a 15,000 sq ft multi-let retail and office block, located in London's Midtown, arranged over basement, ground and five upper floors. The disposal formed part of and now completes its strategy to reduce central London office exposure and use the proceeds to reduce gearing. As a result, Picton's London office weighting will further reduce from 15% on 30 June 2016 to 13% on a pro forma basis. The asset was acquired in 2005 for GBP9 million and the sale price reflects a 7.8% premium to the 30 June 2016 external valuation. Michael Morris, Chief Executive of Picton Capital Limited, commented: "This NAV accretive transaction captures the upside created since purchase, reduces our central London office exposure and enables us to reduce our overall debt levels within the Group" ENDS For further information: Tavistock Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@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 GBP418.0 million at 30 June 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 END
(END) Dow Jones Newswires
October 17, 2016 02:00 ET (06:00 GMT)
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