Picton Property Income has disposed of its interest at 1 Chancery Lane, WC2 for GBP17.25 million, reflecting a net initial yield of 3.9%.
1 Chancery Lane comprises a 15,000 sq ft multi-let retail and office block, located in London’s Midtown, arranged over basement, ground and five upper floors.
The disposal formed part of and now completes its strategy to reduce central London office exposure and use the proceeds to reduce gearing. As a result, Picton’s London office weighting will further reduce from 15% on 30 June 2016 to 13% on a pro forma basis.
The asset was acquired in 2005 for GBP9 million and the sale price reflects a 7.8% premium to the 30 June 2016 external valuation.
PCTN : Picton sells 1 Chancery Lane