9th Sep 2024 14:00
Picton Property Income Ltd - London-based commercial property real estate investment trust - Announces that a resolution to grant planning permission has been secured for the Longross development in Cardiff which will deliver 706 beds across 488 units. It follows the exchange of contracts in October to sell a partially vacant office building to an unnamed student accommodation developer in a transaction conditional on planning permission. Completion of the disposal is expected before the end of the year with development activity by the purchaser due to commence in early 2025 and complete in the 2028/9 academic year.
Picton says: "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 [net asset value]."
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12-month change: up 8.9%
By Elijah Dale, Alliance News reporter
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