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PICTON PROPERTY INCOME LD
M&A Activity • Sep 9, 2014
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M&A Activity
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PICTON PROPERTY INCOME LTD - Picton Acquisition
PR Newswire
London, September 8
9 September 2014 PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") PICTON ACQUIRES PETERBOROUGH RETAIL ASSETPicton, the income focused property investment company, has completed theacquisition of a freehold city centre retail property in Peterborough,Cambridgeshire for £9.075 million, reflecting a net initial yield of 6.5%.The property, which totals 89,000 sq ft., comprises two prime high streetretail units, with significant frontage to the pedestrianised Bridge Street,let to TK Maxx and New Look until 2020 and 2021 respectively. It produces anannual rent of £625,000 reflecting a low average overall rent of £7.00 per sqft., which is subject to review in 2015 and 2016.The Company has now made over £81 million of acquisitions during the course ofthis year and this purchase fully utilises the remainder of the fundsallocated for acquisitions raised during the £35 million Initial Placing inMay of this year.Michael Morris, Chief Executive, commented: "We were attracted to this assetdue to a combination of factors, including the strong population growth withinPeterborough, the property's core location, the flexibility of the units andthe low overall rental levels which are subject to review over the next coupleof years. This is yet another acquisition in line with our strategy of buyingassets with a strong correlation to their cost of construction andillustrative of our continuing ability to find suitable opportunities thatmeet our investment objective." ENDSFor further information:Tavistock CommunicationsJeremy Carey/James Verstringhe, 020 7920 3150, [email protected] Capital LimitedMichael Morris, 020 7011 9980, [email protected] Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLDavid Sauvarin, 01481 745001, [email protected] to EditorsPicton Property Income Limited ('Picton') is an income focused, propertyinvestment company listed on the London Stock Exchange. Picton can invest bothdirectly and indirectly in commercial property across the United Kingdom.With Net Assets of £258.9 million at 30 June 2014 and approximately 870investors, the Company's objective is to provide shareholders with anattractive level of income, together with the potential for capital growth byinvesting in the principal commercial property sectors.
