This announcement contains inside information for the purposes of Article 7 of the UK version of the Market Abuse Regulation (EU no. 596/2014) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended from time to time) ('UK MAR').

11 September 2025

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

Share Buyback Programme

Picton today announces its intention to commence a further share buyback programme.

The Company has instructed its corporate broker, Stifel Nicolaus Europe Limited ('Stifel'), to purchase on behalf of the Company, ordinary shares in the capital of the Company of no par value ('Ordinary Shares') pursuant to a buyback programme with a maximum aggregate consideration of £12.5 million (the 'Programme').

Background

On 30 January 2025, the Company announced the launch of a share buyback programme with the intention of creating value for shareholders. Between 30 January 2025 and 29 July 2025, Picton deployed a total of £17.3 million to repurchase shares representing approximately 4.4% of the Company's issued share capital prior to the commencement of the buyback.

The Board continues to believe that the current share price significantly undervalues the Company and as stated in the 2025 Notice of Annual General Meeting, should such a valuation gap persist, and following the payment of dividends, the Company intends to repurchase shares through the market as a means of creating value for shareholders. Accordingly, the Company is implementing the Programme with up to £12.5 million to be returned to shareholders.

The decision to undertake further purchases follows the Company unconditionally exchanging contracts for the disposal of an office asset which is due to complete later this month. Further details will be provided upon completion of the transaction. Accordingly, the Company is implementing the Programme with up to £12.5 million available for such purposes, with the balance of any disposal proceeds to be used to upgrade existing assets within the portfolio and for reinvestment into higher yielding/growth opportunities.

Programme

The Programme will be carried out under the existing shareholder authorisation granted at the last Annual General Meeting ('AGM'), in July 2025, for purchases of Ordinary Shares by the Company in the market for up to 14.99% of the Company's issued share capital, being 78,486,021 Ordinary Shares. The Company intends to exercise this authority within certain pre-set parameters through irrevocable, non-discretionary instructions given to Stifel, commencing today. Stifel will act as riskless principal, carrying out the Company's instructions through the acquisition of Ordinary Shares in the Company for subsequent repurchase by the Company. Stifel has absolute discretion and independence in respect of all trading decisions it may make in respect of the Ordinary Shares.

In line with the authority given at the AGM, the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall be an amount equal to the higher of (i) 105% of the average of the middle market quotations (as derived from the Daily Official List) for the Ordinary Shares for the five business days immediately preceding the date of purchase; or (ii) the higher of such price of the last independent trade and the highest current independent bid at the time of purchase.

Unless previously varied, revoked or renewed, the authority for the Company to repurchase its own shares granted at the AGM will expire at the conclusion of the AGM of the Company to be held in 2026 (save that the Company may, prior to such expiry, enter into a contract to purchase Ordinary Shares under such authority and may make a purchase of Ordinary Shares pursuant to any such contract).

Given the level of liquidity in the Company's shares, the Company will retain the ability to exceed the average daily volume parameters prescribed by the exemption for buyback programmes established by UK MAR and the MAR buyback programme technical standards (Commission Delegated Regulation (EU) 2016/1052), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended from time to time) (the 'Technical Standards'). Accordingly, the Company may not benefit from the exemption contained in Article 5(1) of MAR.

While the Company has launched the Programme, there is no certainty on the volume of Ordinary Shares that may be acquired under the Programme and the pace of acquisitions. The Board will keep the Programme under review to make sure it continues as an efficient and effective means of generating value for shareholders and the Programme may be cancelled or changed at any time at the Company's sole and absolute discretion.

Any Ordinary Shares repurchased will be cancelled by the Company.

Any market purchase of Ordinary Shares pursuant to the Programme will be announced no later than 7:30am (UK time) on the business day following the day on which the purchase occurred.

The person responsible for arranging the release of this announcement on behalf of the Company is Kathy Thompson, Company Secretary.

For further information:

Picton

Kathy Thompson, Company Secretary

020 7011 9988, [email protected]

Tavistock 

James Verstringhe

020 7920 3150, [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 £726 million UK commercial property portfolio, invested across 47 assets and with around 350 occupiers (as at 30 June 2025).

Through an occupier focused, opportunity led approach, Picton aims to be the consistently best performing diversified UK REIT and has delivered upper quartile outperformance and a consistently higher income return than the MSCI UK 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

LEI: 213800RYE59K9CKR4497

ENDS