Picton Prop Inc Ltd Picton Disposes of Two Non-Core Retail Assets

 
TIDMPCTN 
 
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 GBP3.23 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 GBP2.08 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, 
[e-mail] 
 
Picton Capital Limited 
Michael Morris, 020 7011 9980, [e-mail] 
 
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 GBP423.9 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 
 
 
 
END 
 

(END) Dow Jones Newswires

January 17, 2017 02:00 ET (07:00 GMT)