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| Date | 17 Jun 2024 |
| Time | 07:00:11 |
| Category | Corporate updates |
| ID | 5677S |
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. |
For further information:
Tavistock
James Verstringhe
020 7920 3150, [email protected]
Picton
Kathy Thompson, Company Secretary
020 7011 9988, [email protected]
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