20 March 2020
PICTON PROPERTY
INCOME LIMITED
(“Picton”, the “Company” or the “Group”)
LEI: 213800RYE59K9CKR4497
Picton completes
trio of lettings
Picton today issues an update on the portfolio following the
completion of a series of office leases, which add a total of £0.9
million of annual income to the headline rent roll. The
transactions follow the completion of recent refurbishment
works.
- Metro Building, Salford Quays - Let the 4th floor to
HM Government on a 20-year lease subject to break in 2030 at £0.4
million per annum, which was in line with the December 2019 ERV.
- 180 West George Street, Glasgow - Let the 3rd floor on a
10-year lease, subject to break in 2025, at £0.2 million per annum,
which was in line with the December
2019 ERV.
- Tower Wharf, Bristol - upsized
an existing occupier and extended a lease which was due to expire
in May 2020. This increased their
floor space by 73% and secured a new 15-year lease, subject to
break in 2030, at a rent of £0.5 million per annum, which was in
line with the December 2019 ERV and
£0.3 million ahead of the previous passing rent.
The Company will provide a trading update in April 2020.
Michael Morris, Chief
Executive of Picton, commented:
“To have recently concluded three
significant long-term leases following our refurbishment of these
spaces is encouraging.
Our immediate priority is ensuring the health and safety of our
occupiers, employees and other partners, as we seek to minimise the
impact of the COVID-19 virus. We are continuing to work with our
occupiers to help them navigate these uncertain times.
We have a strong balance sheet with primarily long-dated debt, a
low LTV of 22% and access to more than £41 million of funding in
two undrawn debt facilities.”
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 £685 million diversified UK commercial property
portfolio, invested across 48 assets and with around 350 occupiers
(as at 31 December 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