Picton Prop Inc Ltd Non-core asset disposal

 
TIDMPCTN 
 
29 March 2018 
 
                        PICTON PROPERTY INCOME LIMITED 
 
                   ("Picton", the "Company" or the "Group") 
 
                           LEI: 213800RYE59K9CKR4497 
 
                            Non-core asset disposal 
 
Picton has exchanged contracts to sell a non-core asset (the "Property") to 
Cheshire West and Chester Council for GBP3.85 million, with completion due in 
June 2018. 
 
The Property, located in central Chester, comprises a fully occupied, multi-let 
22,000 sq ft office building with nine occupiers and a weighted average 
unexpired lease length of just over three years. 
 
The purchaser had exercised a Compulsory Purchase Order (CPO) for the Property 
as part of the wider Chester Northgate retail, leisure and residential scheme. 
This transaction was agreed as part of the process, enabling them to acquire 
the property in advance of a confirmed CPO. 
 
The sale price reflects a net initial yield of 6.4% and a 5% premium to the 31 
December 2017 independent valuation. 
 
In addition a further top-up payment of GBP150,000 is due on or before 2023, 
dependent on the timing of the Chester Northgate scheme. 
 
Michael Morris, Chief Executive of Picton Capital Limited, commented:  "This 
NAV accretive transaction captures the upside from our leasing and asset 
management activity. The proceeds further reduce the Group's LTV." 
 
For further information please contact: 
 
Tavistock 
Jeremy Carey/James Verstringhe, 020 7920 3150, 
[e-mail] 
 
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 GBP674 million diversified UK commercial property portfolio, 
invested across 51 assets and with around 350 occupiers (as at 31 December 
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 focused property companies listed on the main market of the 
London Stock Exchange. 
 
For more information please visit: www.picton.co.uk 
 
                                     ENDS 
 
 
 
END 
 

(END) Dow Jones Newswires

March 29, 2018 02:00 ET (06:00 GMT)