3rd Feb 2015 09:48
LONDON (Alliance News) - Picton Property Income Ltd on Tuesday said it has acquired the long leasehold interest in two retail warehouses adjacent to its existing holdings at the Angouleme Way Retail Park in Bury.
Picton will pay GBP3.9 million to buy the two leases, reflecting a net initial yield of 7.9%.
The two units are currently let to Argos, part of Home Retail Group PLC, and to discount retailer Poundstretcher, with a combined net rental income of GBP323,750 per year.
"This is the first acquisition to complete, of several we have under consideration, since our recent fundraising. It also marks the consolidation of our ownership in Bury, where we now control all five units and expect to unlock further value through asset management initiatives," said Picton Chief Executive Michael Morris.
Shares in Picton were down 0.1% to 70.4 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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