Picton Prop Inc Ltd Portfolio Update

 
TIDMPCTN 
 
17 December 2020 
 
                        Picton Property Income Limited 
                                  ("Picton") 
 
                          LEI: 213800RYE59K9CKR4497 
 
                               Portfolio Update 
 
        Retail disposal, office lettings and industrial rental uplifts 
 
Picton is pleased to announce a series of asset management transactions which 
have completed since the interim results announcement of 12 November 2020. 
 
Retail 
 
Further to the announcement dated 21 September 2020, Picton confirms the 
completion of a retail disposal in Peterborough for GBP3.98 million. The proceeds 
will be reinvested into ongoing projects within the portfolio.  As a result of 
this transaction, the high street retail exposure in the portfolio reduces from 
4% to 3% on a proforma basis. 
 
At Parc Tawe, Swansea, Picton secured JD Sports Gyms to take the former 
Xercise4Less unit after the company was put into administration in July. The 
new rent is 14% below the previous passing rent and 6% below the September ERV; 
however, it is subject to an annualised RPI uplift in 2023 and has been agreed 
with no further incentives. 
 
Office 
 
The Company has let an office suite in Tower Wharf, Bristol to a financial 
planning specialist at GBP0.2 million p.a., on a 10-year term with a five-year 
break, which is in line with the September 2020 ERV. This transaction follows 
an assignment of the 4th floor, to a cloud-based finance software company which 
completed earlier this year. 
 
Industrial 
 
Two rent reviews have been completed at our multi-let industrial estates in 
Radlett and Harlow, increasing the passing rent to GBP0.3 million p.a. and 
providing a 24% average uplift, in line with the September 2020 ERV. 
 
A further portfolio update will be provided late in January, concurrently with 
the December 2020 NAV announcement 
 
Enquiries: 
 
Picton 
 
Michael Morris 0207 011 9980, [e-mail] 
 
Note to Editors 
 
Picton, established in 2005, is a UK REIT. It owns and actively manages a GBP662 
million diversified UK commercial property portfolio, invested across 47 assets 
and with around 350 occupiers (as at 30 September 2020). Through an occupier 
focused, opportunity led approach to 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. 
 
 
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December 17, 2020 02:00 ET (07:00 GMT)