20th Feb 2014 08:46
LONDON (Alliance News) - Picton Property Income Ltd Thursday said it had sold two lower yielding London assets for a total of GBP6.0 million, reflecting an initial yield of 5.0% and a combined 6% premium to their valuation in December 2013.
Picton did not name the buyers.
The properties consist of 28 Austin Friars, an office building near Liverpool Street tube station, which is currently fully let to 5 occupiers and a retail property at George Street, Richmond, currently let to Links of London.
Both of these assets were acquired in 2010 for a combined GBP3.6 million.
"These latest disposals are in line with our strategy to sell smaller, lower yielding assets from the portfolio once we have enhanced value through our various asset management initiatives," Chief Executive, Michael Morris, said in a statement. "Proceeds from the sale will provide fire power for acquisitions in larger lot sizes."
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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