PCTN Picton Property Income Ld

 
TIDMPCTN 
 
1 October 2021 
 
                        Picton Property Income Limited 
                          ("Picton" or the "Company") 
                           LEI: 213800RYE59K9CKR4497 
 
 
   Picton acquires income accretive city centre multi-let industrial estate 
 
Picton has completed the freehold acquisition of Madleaze Trading Estate, 
located in central Gloucester for £13.1 million. 
 
Adjacent to Gloucester Quays Retail Park and the Gloucester and Sharpness 
canal, the property comprises 18 industrial units totalling 304,000 sq ft on a 
10.3 acre site. The estate is let to eight occupiers and currently includes two 
vacant units, which are to be refurbished prior to re-leasing. 
 
The total rental income is £0.75 million per annum, equating to only £2.74 per 
sq ft. This is expected to rise to £0.86 million once the estate is fully let 
and has the potential to increase further as rents are reset to current market 
levels. 
 
The purchase price reflects a net initial yield of 6.1% and a low capital value 
of £44 per sq ft, which is below the estimated reinstatement cost. 
 
The Company has funded the acquisition using its revolving credit facility and 
the proforma LTV will increase to 22% post acquisition (June 2021: 21%). 
 
Michael Morris, Chief Executive of Picton, commented: 
 
"The estate offers short-term potential for income and capital growth through 
leasing vacant units and capturing the upside from such a low rental base. We 
intend to further improve and reposition the estate to widen its appeal for new 
and existing occupiers." 
 
For further information, 
 
Tavistock 
Jeremy Carey/James Verstringhe, 020 7920 3150, 
james.verstringhe@tavistock.co.uk 
 
Picton 
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk 
 
Note to Editors 
 
Picton, established in 2005, is a UK REIT. It owns and actively manages a £702 
million diversified UK commercial property portfolio, invested across 46 assets 
and with around 350 occupiers (as at 30 June 2021). 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 
 
                                     ENDS 
 
 
 
END 
 
 

(END) Dow Jones Newswires

October 01, 2021 02:00 ET (06:00 GMT)

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