REG - Picton Property Inc. - Refinance of revolving credit facility

Picton Property IncomeAnnouncement

02/05/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250502:nRSB1473Ha&default-theme=true

RNS Number : 1473H  Picton Property Income Limited  02 May 2025

2 May 2025

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

Refinance of revolving credit facility

 

Picton has successfully completed a new £50 million revolving credit facility
('RCF') with National Westminster Bank Plc ('NatWest').

 

The RCF, which was due to mature on 26 May 2025, has been refinanced with an
initial term of three years and the option of two one-year extensions.
Interest is charged at a margin of 165 bps above SONIA, on the first £25
million, and 170 bps thereafter.  An undrawn commitment fee is payable equal
to 40% of the margin.

 

The RCF is undrawn and the remainder of the Company's borrowings of £210
million are fixed at an average interest rate of 3.7% per annum with the
earliest maturity in 2031.

 

Saira Johnston, CFO, commented:

"We are delighted to have completed this refinancing with NatWest and continue
our strong ongoing relationship with the team. The RCF will continue to
provide operational flexibility and future investment opportunity."

 

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 £737 million UK commercial property
portfolio, invested across 48 assets and with around 350 occupiers (as at 31
December 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)

 

LEI: 213800RYE59K9CKR4497

ENDS

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDEAXSFEFKSEFA