6th Mar 2015 07:59
LONDON (Alliance News) - Picton Property Income Ltd said Friday it has acquired a retail park in Gloucester for GBP14.65 million, representing a net initial yield of 6.9%.
The park comprises of four units totalling 112,000 square foot, and produces annual income of GBP1.07 million with an average weighted lease length of 13.2 years, at a low average rent of under GBP9.60 per square foot, Picton said.
"Since the start of the year we have deployed GBP19.5 million using proceeds from our Placing Programme.We think this is an attractive entry point, recognising the income longevity and low overall rent, and believe there are a number of asset management opportunities which should enhance income and value during our ownership," said Chief Executive Michael Morris in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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