Picton disposes of two non-core assets
Picton, the income focused investment company, has disposed of two non-core assets for a combined consideration of GBP4.89m.
The assets currently produce annualised income GBP0.34m from 13 occupiers and the combined disposal price reflects a 15 per cent premium to the independent valuation as at 30 September 2013.
During the past 12 months, Highgrove Industrial Estate, Portsmouth and Heron Industrial Estate, Spencers Wood, near Reading benefitted from significant lettings progress which had already resulted in a combined valuation uplift of 21 per cent as at 30 September 2013.
Michael Morris, chief executive of Picton Capital, says: “With improved market liquidity these two transactions are part of Picton’s ongoing strategy to dispose of smaller assets where attractive pricing can be realised in order to recycle capital. Proceeds from this disposal will be combined with the GBP11.9m of equity raised last month to provide the fire power for acquisitions in larger lot sizes.”
- By Category
- News from other sites