Picton Property Inc. - Disposal Update

Picton Property Income

09/09/2024 07:00

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RNS Number : 2982D  Picton Property Income Limited  09 September 2024

 

9 September 2024

 

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

LEI: 213800RYE59K9CKR4497

 

Disposal Update

 

Longcross, Cardiff - office to student accommodation repositioning

 

 

Background

In October 2023, Picton exchanged contracts to sell a partially vacant office
building to an experienced student accommodation developer.

The transaction was conditional on planning permission, for which an
application was submitted in May 2024.

Update

Picton has been notified that a resolution to grant planning permission has
been secured. The development will deliver 706 beds across 488 units.

To facilitate the disposal, Picton has secured vacant possession of the
building during 2024.

Completion of the disposal is expected before the end of the year, following
receipt of a satisfactory s106 agreement. This will enable the purchaser to
commence the development in early 2025 and complete it ahead of the 2028/9
academic year.

The sale price is dependent on the exact planning consent secured and,
specifically, on the number of beds secured, subject to a collar and cap. The
size of the consented scheme means that Picton will benefit from the maximum
top up and, as such, the transaction is accretive relative to the June 2024
NAV.

A further update will be provided when completion occurs.

For further information:

Picton

Michael Morris, Chief Executive

020 7011 9980, michael.morris@picton.co.uk
(mailto:michael.morris@picton.co.uk)

 

Tavistock

James Verstringhe

020 7920 3150, james.verstringhe@tavistock.co.uk
(mailto:james.verstringhe@tavistock.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 £718 million UK commercial property
portfolio, invested across 48 assets and with around 350 occupiers (as at 30
June 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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