Picton completes the disposal of two office assets – closed-ended property investment company, Picton Property Income (PCTN) has completed the sale of two offices, both in separate transactions with local authorities.
Picton has sold 800 Pavilion Drive, Northampton, a detached office building, let to Ricoh UK on a lease expiring in June 2023. The sale price of £7.95 million reflects a net initial yield of 7.5% and 13% uplift to the independent March 2018 valuation.
Additionally, as first announced on 29 March 2018, Picton has also now completed the sale of Merchants House, Chester, receiving £3.85 million, with a further £0.15 million top up payment due on or before 2023.
Michael Morris, chief executive, Picton Capital Limited:
“We are pleased to have completed these disposals enabling us to capture recently created upside. We intend to use these proceeds to further reduce our debt position in the short term, ahead of reinvesting into suitable investment opportunities.”
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Picton’s investment objective is to provide shareholders with an attractive level of income, together with the potential for capital growth from directly or indirectly investing across the principal commercial property sectors; namely office, retail, industrial and leisure.
PCTN : Picton completes the disposal of two office assets