9th Jan 2020 10:35
(Alliance News) - Picton Property Income Ltd said Thursday it has extended leases with several of its largest occupiers, securing GBP3.8 million per annum in income.
The first transaction by the real estate investment trust was for Shipton Way, Rushden. Picton agreed to pre-lease the entire building to postal delivery firm Whistl UK Ltd for a new ten-year lease at an annual rent of GBP1.6 million.
Whistl will become Picton's largest single occupier from October, when the existing occupier vacates the building.
The second deal was for an asset at Parkbury, Radlett, with an extended lease for the largest occupier that was due to expire in November. A new ten-year reversionary lease has been agreed, with a rental increase to GBP1.0 million per annum.
The final transaction was an extended lease for an asset on Trent Road, Grantham, which was due to expire in 2023 until 2029, at GBP1.2 million per annum.
"With these three large transactions, we have enhanced our leasing profile, which has a positive impact on the underlying cashflow and valuation of these assets. Across the wider portfolio, we have also been encouraged by our post-election pipeline of leasing and asset management initiatives," said Chief Executive Michael Morris.
Shares in Picton Property - which is based in London - were up 0.2% at 95.73 pence on Thursday.
By Dayo Laniyan; [email protected]
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