Picton Property Income says it will receive a payment of GBP5.25 million following the final settlement of a dispute arising from guarantee provisions within an occupational lease at the Strathmore Hotel, Luton.
The settlement will add just less than 1.0 pence per share on the forthcoming quarterly NAV for the period to 30 September 2016 as it relates to a dispute dating back to 2014. It will further reduce the company’s net gearing, when it is received (in November).
The property’s current leasing arrangements and valuation are unaffected by the settlement.
PCTN : Picton gets settlement on lease dispute