PICTON PROPERTY INCOME LD

M&A Activity • Mar 6, 2015

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PICTON PROPERTY INCOME LTD - Picton Acquires Long Let Retail Park in Gloucester

PR Newswire

London, March 5

6 March 2015 PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") PICTON ACQUIRES LONG LET RETAIL PARK IN GLOUCESTERPicton, the property investment company,has acquired Gloucester Retail Park for£14.65 million, reflecting a net initial yield of 6.9%.The retail park is prominently located on Eastern Avenue and comprises fourunits totalling 112,000 sq ft. It is in a recognised Retail Warehouse locationand is leased to leading discount retailers: B&M Bargains, Carpetright, TheRange and AHF.It producesa diversified annual income of £1.067 million with an averageweighted lease length of 13.2 years at a low average rent of under £9.60 per sqft. which reflectsrecent letting activity.Michael Morris, Chief Executive, commented: "Since the start of the year wehave deployed £19.5 million using proceeds from our Placing Programme.We thinkthis is an attractive entry point, recognising the income longevity and lowoverall rent, and believe there are a number of asset management opportunitieswhich should enhance income and value during our ownership." ENDSFor further information:Tavistock CommunicationsJeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.ukPicton Capital LimitedMichael Morris, 020 7011 9980, michael.morris@pictoncapital.co.ukThe Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLDavid Sauvarin, 01481 745001, team_picton@ntrs.comNote 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 £315.7 million at 31 December 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.www.pictonproperty.co.uk