17 June
2024
PICTON PROPERTY INCOME
LIMITED
('Picton' or the
'Company')
LEI:
213800RYE59K9CKR4497
Portfolio
Update
Leasing and office
repositioning progress
Picton is pleased to provide an
update on asset management transactions identified in its
Annual Results for the year ended 31 March 2024, announced on 23
May 2024.
Lettings improve occupancy and capture reversionary
potential
The Company has completed lettings
with a combined rental of £0.8 million per annum, 4% above the 31
March 2024 estimated rental value (ERV).
These include 31,500 sq ft of
industrial lettings in Bracknell and Warrington and a 13,000 sq ft
office letting at Tower Wharf in Bristol, where an existing
occupier will be relocated within the building, taking 140% more
floorspace.
Following these lettings and the
previously announced post year end disposal of Angel Gate,
London EC1, the proforma occupancy of the portfolio has
increased to 93% (31 March 2024: 91%).
Office repositioning progress
In respect of identified office
assets to be repositioned for alternative use, the Company has
reached the following milestones:
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Charlotte Terrace, London, W14 - the
Company has secured planning permission to create six
residential units in void office space.
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Longcross, Cardiff - in accordance
with the sale contract, the purchaser has now submitted a planning
application to convert the substantially void office building to
student accommodation, comprising inter alia 706 units. Upon
receipt of satisfactory planning permission, this number of units
will trigger an additional overage payment to the Company on
completion. As such the sale price is expected to be approximately
20% ahead of the 31 March 2024 valuation.
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For further information:
Tavistock
James Verstringhe
020 7920 3150,
james.verstringhe@tavistock.co.uk
Picton
Kathy Thompson, Company
Secretary
020 7011 9988,
kathy.thompson@picton.co.uk
About Picton
Established in 2005, Picton is
listed on the main market of the London Stock Exchange and is a
constituent of a number of EPRA indices including the FTSE EPRA
Nareit Global Index.
Picton owns and actively manages a
£745 million UK commercial property portfolio, invested across 49
assets and with around 400 occupiers (as at 31 March
2024).
Through an occupier focused,
opportunity led approach, Picton aims to be one of the consistently
best performing diversified UK REITs and has delivered upper
quartile outperformance and a consistently higher income return
than the MSCI Quarterly Property Index since
launch.
With a portfolio strategically
positioned to capture income and capital growth, currently weighted
towards the industrial sector, Picton's agile business model
provides flexibility to adapt to evolving market trends over the
long-term.
Picton has a responsible approach to
business and is committed to being net zero carbon by
2040.
For more information please
visit: www.picton.co.uk
ENDS