15th Apr 2015 07:58
LONDON (Alliance News) - Picton Property Income Ltd on Wednesday said it has acquired a long leasehold interest at Unit 12 Angel Gate in City Road in London for GBP1.1 million.
The unit acquired includes a 3,193 square foot self-contained office which is currently 70% occupied on a passing rent of GBP46,000. Picton says the current rent is low compared to the average and will seek to let the remaining space in order to boost income.
The purchase price reflects an initial yield of 4%.
"This acquisition follows our recent placing and was identified at the time of fundraising. We believe the fundamentals of this location, low capital value and reversionary income profile are attractive, and we are confident of letting the remaining vacant space quickly," said Michael Morris, Picton Capital Ltd's chief executive.
Picton Capital is the investment manager of Picton Property Income.
Shares in Picton were up 0.3% to 72.43 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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