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Picton Property Income sells Boundary house, Jewry Street, London for £27.8m

Picton Property Income (Picton) has announced that the disposal of one of its City of London office assets, Boundary House, Jewry Street, EC3 completed on 30 August 2016. The disposal proceeds were £27.8m, which the company says is in line with the June 2016 valuation, and will be used to reduce its debt (Picton’s zero dividend preference shares mature in October 2016). Picton has also advised that, in a separate transaction, it has secured a payment of £0.67m from a nearby owner, in respect of a Rights of Light claim. Picton says that, as a result of this disposal, its central London office exposure will reduce from 19% on 30 June 2016 to 15.5% on a pro forma basis. Similarly, the Group’s LTV will reduce from 34.4% on 30 June 2016 to 31.5% on a pro forma basis. Picton acquired Boundary House in 2006 for £16.1m. Picton’s CEO, Michael Morris, says that the disposal forms part of a plan to reduce both the quantum and overall cost of debt within the Group, as it repays its ZDP’s this October and that these two transactions serve to enhance both Picton’s dividend cover and NAV.

Picton Property Income sells Boundary house, Jewry Street, London for £27.8m : PCTN

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