Picton Prop Inc Ltd Portfolio Update
17 Diciembre 2020 - 1:00AM
UK Regulatory
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, michael.morris@picton.co.uk
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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