Picton Property Income Ltd - Portfolio Update
PR Newswire
London, January 8
09 January 2020
PICTON PROPERTY INCOME LIMITED
("Picton", the "Company" or the "Group")
LEI: 213800RYE59K9CKR4497
Portfolio update
Picton extends and enhances income profile
In a series of asset management transactions since the Company's interim results announcement (12 Nov 2019), Picton announces that it has extended leases with three of its largest occupiers, securing £3.8 million per annum of income, with a combined headline rental 8% above ERV and 7% above the previous passing rent.
All three transactions were in the industrial, warehouse and logistics sector.
At Shipton Way, Rushden, Picton has agreed to pre-lease the entire building to Whistl UK Limited, who will take a new 10-year lease, subject to break in 2025, at an annual rent of £1.6 million. They will become the Company's largest single occupier from October 2020, when the existing occupier vacates.
At Parkbury, Radlett, Picton has extended a lease with the largest occupier on the Estate which was due to expire in November 2020. This secures a new 10-year reversionary lease, subject to break in 2025, with stepped rental increases to £1.0 million per annum.
At Trent Road, Grantham, Picton has extended a lease that was due to expire in 2023 until 2029, subject to break in 2026, at £1.2 million per annum.
A more detailed update covering the wider portfolio will be provided in the December NAV announcement, which is expected during the week commencing 27 January 2020.
Michael Morris, Chief Executive of Picton, commented:
"With these three large transactions, we have enhanced our leasing profile, which has a positive impact on the underlying cashflow and valuation of these assets. Across the wider portfolio, we have also been encouraged by our post-election pipeline of leasing and asset management initiatives.'
ENDS
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 £693 million diversified UK commercial property portfolio, invested across 49 assets and with around 350 occupiers (as at 30 September 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
