Picton Prop Inc Ltd Central London Asset Disposal

 
TIDMPCTN 
 
17 Oct 2016 
 
                        PICTON PROPERTY INCOME LIMITED 
                   ("Picton", the "Company" or the "Group") 
 
                         CENTRAL LONDON ASSET DISPOSAL 
 
Picton (LSE:PCTN), the income focused property investment company, has disposed 
of its interest at 1 Chancery Lane, WC2 for GBP17.25 million, reflecting a net 
initial yield of 3.9%. 
 
1 Chancery Lane comprises a 15,000 sq ft multi-let retail and office block, 
located in London's Midtown, arranged over basement, ground and five upper 
floors. 
 
The disposal formed part of and now completes its strategy to reduce central 
London office exposure and use the proceeds to reduce gearing.  As a result, 
Picton's London office weighting will further reduce from 15% on 30 June 2016 
to 13% on a pro forma basis. 
 
The asset was acquired in 2005 for GBP9 million and the sale price reflects a 
7.8% premium to the 30 June 2016 external valuation. 
 
 
Michael Morris, Chief Executive of Picton Capital Limited, commented: 
 
"This NAV accretive transaction captures the upside created since purchase, 
reduces our central London office exposure and enables us to reduce our overall 
debt levels within the Group" 
 
ENDS 
 
For further information: 
 
Tavistock 
Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@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 GBP418.0 million at 30 June 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 
 
 
 
END

(END) Dow Jones Newswires

October 17, 2016 02:00 ET (06:00 GMT)

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