(Alliance News) - Picton Property Income Ltd on Tuesday said it has exchanged contracts for the sale of its second-largest London office asset, trimming its sector exposure. Read More
(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Friday and not separately reported by Alliance News: Read More
Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Net asset value falls 2.5% to 96.0 pence per share at December 31 from 98.5p at September 30. NAV total return is negative 1.6% for the three months to December 31, down from a flat NAV return a quarter earlier. Despite the NAV fall, says the industrial sector showed the most resilience. Declares an interim dividend of 0.88p per share, unchanged from a quarter earlier. Read More
Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Still vouches for merger with UK Commercial Property REIT, despite the latter's largest shareholder not supporting a merger which lead to discussions between the two companies being terminated in November. UK Commercial's largest shareholder Phoenix Life Ltd has a holding of about 43% in UK Commercial Property. Phoenix does not support the deal "on the terms proposed", both companies said last month. Picton Property says on Tuesday it "continues to believe that there are strategic and financial benefits to combining complementary businesses to enhance scale, diversification and efficiency within an internal management structure. Picton will continue to be proactive in pursuing opportunities that would add value for shareholders and build on the company's long-term track record of outperformance against the MSCI UK Quarterly Property Index since its launch in 2005. FTSE 250-listed UK Commercial Property is managed by abrdn PLC. Read More
(Alliance News) - UK Commercial Property REIT Ltd on Tuesday said its largest shareholder does not support a possible merger with Picton Property Income Ltd, and it has consequently terminated discussions with Picton. Read More
(Alliance News) - Stock prices in London made little progress at Tuesday's market open, as investors awaited Wednesday's autumn statement from the UK chancellor of the exchequer. Read More
(Alliance News) - The FTSE 100 is expected to edge into the red at Tuesday's open, with a strong pound likely to hinder progress for many of its overseas earners. Read More
(Alliance News) - Picton Property Income Ltd on Tuesday reported that its loss narrowed in the first half of its financial year, amid merger talks. Read More
(Alliance News) - UK Commercial Property REIT Ltd on Wednesday reported a slightly decreased net asset value but a positive quarterly return, as it and Picton Property Income Ltd confirmed discussions of a potential merger. Read More
Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Secures value-accretive residential permitted development rights across entire 1.7 acre Angel Gate office asset in London. Company obtained residential consent via permitted development rights on 30,000 square feet of vacant space earlier in 2023, but further conversion remained restricted from September under an updated Article 4 direction. Following "proactive" engagement with local and national planning authorities, this direction has been modified to remove the entire site from this restriction. Picton now intends to commence a strategic review regarding future options for the site. Read More
(Alliance News) - Picton Property Income Ltd on Thursday named Saira Johnston as its new chief financial officer. Read More
Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Reports net asset value and income accretive activity across all sectors. Activity includes securing a new ten-year lease on both of an existing occupier's units at River Way Industrial Estate, Harlow, for GBP700,000 per year. Picton also exchanged unconditional contracts on a 15-year lease renewal at another River Way unit for GBP600,000 per year. Has assigned lease of its retail unit in Covent Garden to a UK-based global cosmetics business "with no loss of income." Picton also has exchanged contracts to sell a partially vacant office building in Cardiff to a student accommodation developer; it says the transaction is NAV accretive regardless of exact planning permissions. Read More
(Alliance News) - Picton Property Income Ltd on Thursday said it swung to an annual loss but nonetheless continued its outperformance of the MSCI UK Quarterly Property Index. Read More