Edison issues flash on Picton Property Income (PCTN)

Accretive portfolio repositioning

Edison Investment Research Limited Edison issues flash on Picton Property Income (PCTN): Accretive portfolio repositioning 09-Apr-2024 / 09:22 GMT/BST The issuer is solely responsible for the content of this announcement.

London, UK, 9 April 2024

 

Edison issues flash on Picton Property Income (PCTN): Accretive portfolio repositioning

Picton Property Income has agreed the sale of Angel Gate, its second largest office asset, and largest portfolio void, with an agreed consideration above the Q323 valuation. The sale is part of its strategy to repurpose selective office assets and accretively recycle the capital. This sale supports NAV, and we expect a positive impact on earnings. Further repurposing asset management initiatives are being progressed.

Re-purposing plans underway at other properties are aimed at further repositioning the portfolio away from the office sector, which is facing a number of structural challenges, removing significant portfolio voids and providing additional options for accretive capital recycling. At Longcross in Cardiff (12% of the H124 portfolio void), contracts have been exchanged for its sale to an experienced purpose-built student accommodation developer. Having achieved vacant possession in one of the four buildings at Charlotte Terrace in London W14 (11% of the H124 portfolio void), a planning application has been submitted for its alternative residential use. In a separate announcement, Picton has confirmed Saira Johnston’s appointment to the board as CFO, which took effect on 1 April. There are no changes to our forecasts. FY23 results are scheduled for release on 23 May 2024.

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Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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End of Announcement - EQS News Service

1876491  09-Apr-2024 

The Picton Property Income Stock at the time of publication of the news with a fall of -0,62 % to 0,627GBP on London stock exchange (09. April 2024, 10:08 Uhr).