Picton Property Income Ltd - Acquisition
(“Picton”, the “Company” or the “Group”)
Picton makes opportunistic mixed-use
Picton has completed the freehold acquisition of
The property is located close to
The current annual rental income is £0.5 million equating to £34 per sq ft. The office space is let to seven occupiers and the retail space is let to two occupiers. This is expected to rise to over £1.1 million once the remaining units are leased. To improve occupancy, Picton will upgrade the offices and rollout SwiftSpace, its recently launched flexible lease offering.
The purchase price reflects a net initial yield of 3.3%, rising to over 8% once fully let and reflecting a low capital value of £417 per sq ft, which is below its estimated replacement cost.
The Company has funded the acquisition from existing cash resources.
“We have taken advantage of our diversified approach to invest in a mixed-use asset where we believe we can unlock significant income and value with our occupier focused asset management approach. In addition, we think this area will be significantly enhanced once the
For further information,
Notes to Editors
Picton, established in 2005, is a
Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified
For more information please visit: www.picton.co.uk