14th Oct 2013 08:06
LONDON (Alliance News) - Picton Property Income Limited Monday said it has acquired a further unit at Angel Gate Office Village, City Road, London for GBP1.0 million.
Picton said Angel Gate is one of its top five assets by value and it already had owned the freehold. Picton said it now has acquired one of the long leasehold interests from an owner-occupier, subject to a leaseback of 50% of the space.
The property investors will refurbish and re-let the remaining office space, which will provide a 9% income return once leased, it said.
Picton said the purchase price represents a capital value of approximately GBP260 per square foot.
The stock was trading at 51.95 pence Monday morning, down 0.05 pence or 0.10%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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