Picton Property Income Ltd - Portfolio Update
PR Newswire
London, June 11
14 June 2021
Picton Property Income Limited
("Picton")
LEI: 213800RYE59K9CKR4497
Increase in occupancy with letting success at Stanford Building, London, WC2
Following the completion of the refurbishment of the Stanford Building earlier this year, Picton is pleased to confirm its largest letting of the year, securing an occupier for all the remaining office space at rent of £0.5 million per annum.
On the third and fourth office floors it has secured an average rental of £80 per sq ft, which is 3% below the March 2021 ERV, but reflects a longer term 10-year lease commitment.
Prior to this Picton had already leased the second floor offices, a fifth floor residential unit and converted the first floor from retail to office use, for its own occupation. This leaves only a smaller flagship retail store available.
On a proforma basis portfolio occupancy will increase to 92%.
Michael Morris, Chief Executive of Picton, commented:
"To have completed this letting of the remaining office space further demonstrates the quality of both the location and the scheme we have delivered. More widely it is encouraging that we are seeing increasing interest in our high-quality accommodation that meets the needs of today's office occupiers."
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 £682 million diversified UK commercial property portfolio, invested across 46 assets and with around 350 occupiers (as at 31 March 2021). 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
ENDS
