REG - Picton Property Inc. - Leasing and office repositioning progress

Picton Property IncomeAnnouncement

17/06/2024 07:15

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RNS Number : 5677S  Picton Property Income Limited  17 June 2024

 

17 June 2024

 

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

LEI: 213800RYE59K9CKR4497

 

Portfolio Update

Leasing and office repositioning progress

 

Picton is pleased to provide an update on asset management transactions
identified in its Annual Results for the year ended 31 March 2024, announced
on 23 May 2024.

 

Lettings improve occupancy and capture reversionary potential

 

The Company has completed lettings with a combined rental of £0.8 million per
annum, 4% above the 31 March 2024 estimated rental value (ERV).

 

These include 31,500 sq ft of industrial lettings in Bracknell and Warrington
and a 13,000 sq ft office letting at Tower Wharf in Bristol, where an existing
occupier will be relocated within the building, taking 140% more
floorspace.
 

Following these lettings and the previously announced post year end disposal
of Angel Gate, London EC1, the proforma occupancy of the portfolio has
increased to 93% (31 March 2024: 91%).

 

Office repositioning progress

 

In respect of identified office assets to be repositioned for alternative use,
the Company has reached the following milestones:

 

 ·             Charlotte Terrace, London, W14 - the Company has secured planning permission
               to create six residential units in void office space.

 ·             Longcross, Cardiff - in accordance with the sale contract, the purchaser has
               now submitted a planning application to convert the substantially void office
               building to student accommodation, comprising inter alia 706 units. Upon
               receipt of satisfactory planning permission, this number of units will trigger
               an additional overage payment to the Company on completion. As such the sale
               price is expected to be approximately 20% ahead of the 31 March 2024
               valuation.

 

For further information:

 

Tavistock

James Verstringhe

020 7920 3150, james.verstringhe@tavistock.co.uk
(mailto:james.verstringhe@tavistock.co.uk)

 

Picton

Kathy Thompson, Company Secretary

020 7011 9988, kathy.thompson@picton.co.uk
(mailto:kathy.thompson@picton.co.uk)

 

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 £745 million UK commercial property
portfolio, invested across 49 assets and with around 400 occupiers (as at 31
March 2024).

Through an occupier focused, opportunity led approach, Picton aims to be one
of the consistently best performing diversified UK REITs and has delivered
upper quartile outperformance and a consistently higher income return than the
MSCI 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 (http://www.picton.co.uk)

 

 

ENDS

 

 

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