17th Jul 2014 09:03
LONDON (Alliance News) - Picton Property Income Ltd Thursday said it has acquired a distribution centre in Rushden, Northamptonshire for GBP20 million, reflecting a net initial yield of 7.7%.
The company did not name the sellers.
Picton said the unit consists of 312,000 square feet of modern warehouse accommodation on a 14 acre site and is leased until April 2020 to Belkin Ltd, producing annual rent of GBP1.6 million.
The company said the asset meets its investment criteria and provides a "good balance of both yield and longevity of income".
Picton shares were quoted up 0.4% at 62.00 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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