Disposal Update
Updated : 08:49
9 September 2024
PICTON PROPERTY INCOME LIMITED
('Picton' or the 'Company')
LEI: 213800RYE59K9CKR4497
Disposal Update
Longcross, Cardiff - office to student accommodation repositioning
Background
In October 2023, Picton exchanged contracts to sell a partially vacant office building to an experienced student accommodation developer.
The transaction was conditional on planning permission, for which an application was submitted in May 2024.
Update
Picton has been notified that a resolution to grant planning permission has been secured. The development will deliver 706 beds across 488 units.
To facilitate the disposal, Picton has secured vacant possession of the building during 2024.
Completion of the disposal is expected before the end of the year, following receipt of a satisfactory s106 agreement. This will enable the purchaser to commence the development in early 2025 and complete it ahead of the 2028/9 academic year.
The sale price is dependent on the exact planning consent secured and, specifically, on the number of beds secured, subject to a collar and cap. The size of the consented scheme means that Picton will benefit from the maximum top up and, as such, the transaction is accretive relative to the June 2024 NAV.
A further update will be provided when completion occurs.
For further information:
Picton
Michael Morris, Chief Executive
020 7011 9980, michael.morris@picton.co.uk
Tavistock
James Verstringhe
020 7920 3150, james.verstringhe@tavistock.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 £718 million UK commercial property portfolio, invested across 48 assets and with around 350 occupiers (as at 30 June 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
ENDS
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