PCTN Picton Property Income Ld

 
TIDMPCTN 
 
09 January 2020 
 
                        PICTON PROPERTY INCOME LIMITED 
                   ("Picton", the "Company" or the "Group") 
                          LEI: 213800RYE59K9CKR4497 
 
                               Portfolio update 
 
                  Picton extends and enhances income profile 
 
In a series of asset management transactions since the Company's interim 
results announcement (12 Nov 2019), Picton announces that it has extended 
leases with three of its largest occupiers, securing GBP3.8 million per annum of 
income, with a combined headline rental 8% above ERV and 7% above the previous 
passing rent. 
 
All three transactions were in the industrial, warehouse and logistics sector. 
 
At Shipton Way, Rushden, Picton has agreed to pre-lease the entire building to 
Whistl UK Limited, who will take a new 10-year lease, subject to break in 2025, 
at an annual rent of GBP1.6 million. They will become the Company's largest 
single occupier from October 2020, when the existing occupier vacates. 
 
At Parkbury, Radlett, Picton has extended a lease with the largest occupier on 
the Estate which was due to expire in November 2020.  This secures a new 
10-year reversionary lease, subject to break in 2025, with stepped rental 
increases to GBP1.0 million per annum. 
 
At Trent Road, Grantham, Picton has extended a lease that was due to expire in 
2023 until 2029, subject to break in 2026, at GBP1.2 million per annum. 
 
A more detailed update covering the wider portfolio will be provided in the 
December NAV announcement, which is expected during the week commencing 27 
January 2020. 
 
Michael Morris, Chief Executive of Picton, commented: 
 
"With these three large transactions, we have enhanced our leasing profile, 
which has a positive impact on the underlying cashflow and valuation of these 
assets. Across the wider portfolio, we have also been encouraged by our 
post-election pipeline of leasing and asset management initiatives.' 
 
                                     ENDS 
 
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 GBP693 
million diversified UK commercial property portfolio, invested across 49 assets 
and with around 350 occupiers (as at 30 September 2019). 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 
 
 
 
END 
 

(END) Dow Jones Newswires

January 09, 2020 02:00 ET (07:00 GMT)

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