17 January 2017
PICTON PROPERTY INCOME LIMITED
("Picton", the "Company" or the "Group")
PICTON DISPOSES OF TWO NON-CORE RETAIL ASSETS
Picton, the property investment company, announces the disposal of two small,
non-core retail assets in Bath for a total of £3.23 million, reflecting an
aggregate net initial yield of 4.7% and a 29% premium to the 30 September
external valuation.
The disposals of 2 Bath Street and 6 Argyle Street, are in line with the
Company's ongoing strategy to reshape the portfolio in favour of larger assets
with greater potential for capital and income growth.
These assets were originally purchased with a combined value of £2.08 million
as part of the Rugby REIT acquisition in 2010 and have since generated
attractive income and capital returns.
Michael Morris, Chief Executive of Picton Capital Limited, commented: "These
disposals are NAV accretive, reduce our overall retail exposure and further
demonstrate our ability to create value significantly ahead of the wider
market, through our opportunity led approach."
Picton will announce its net asset value as at 31 December 2016 during the week
commencing 23 January 2017.
ENDS
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
james.verstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk
Note to Editors
Picton is an income focused property investment company listed on the London
Stock Exchange. Picton can invest both directly and indirectly in commercial
property across the United Kingdom.
With Net Assets of £423.9 million at 30 September 2016, the Company´s objective
is to provide shareholders with an attractive level of income, together with
the potential for capital growth by investing in the principal commercial
property sectors. www.picton.co.uk