Asset Management Update

17 March 2026

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

Asset Management Update

Picton provides an asset management update in respect of portfolio and leasing activity.

Michael Morris, Chief Executive of Picton, commented:

"We are capturing a positive leasing pipeline and are particularly encouraged by the progress made within our office portfolio. This reflects the upgrading works we have undertaken to improve our buildings to meet occupier demand and drive positive rental growth.

"We have supported occupiers expanding and welcomed new occupiers to our assets. We have a good breadth of demand across all areas of the portfolio, from a range of occupiers in the financial, logistics, technology and professional services sectors".

In the NAV and Trading Update issued on 29 January 2026 Picton reported a pipeline of 11 lettings with terms agreed, subject to contract, totalling an annual rental income of £1.6 million. The Company can confirm that seven lettings have now completed, totalling £0.8 million of annual rental income, at an average rent that was 2% ahead of December 2025 ERV. Overall, 92% of the lettings were in the office sector.

There is a current pipeline of seven lettings where terms are agreed, subject to contract, totalling an annual rental income of £1.2 million at an average rent that is 1% above December 2025 ERV. 74% of these transactions are in the office sector.

In addition, refurbishment works are ongoing at two key industrial assets, which have been subject to recent vacancies and where discussions are ongoing with a number of interested occupiers:

· Radlett - a planning application was submitted last month to extend the unit

· Rushden - the space is now available to lease on a fitted basis

For further information:

Picton

Kathy Thompson, Company Secretary

020 7011 9988, [email protected]

Tavistock

James Verstringhe

020 7920 3150, [email protected]

About Picton

Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.

Picton owns and actively manages a £699 million UK commercial property portfolio, invested across 46 assets and with around 300 occupiers (as at 31 December 2025).

Through an occupier focused, opportunity led approach, Picton aims to be the consistently best performing diversified UK REIT and has delivered upper quartile outperformance and a consistently higher income return than the MSCI UK Quarterly Property Index since launch. 

With a portfolio strategically positioned to capture income and capital growth, currently weighted towards the industrial sector, Picton's agile business model provides flexibility to adapt to evolving market trends over the long-term.

Picton has a responsible approach to business and is committed to being net zero carbon by 2040.

For more information please visit:www.picton.co.uk

LEI: 213800RYE59K9CKR4497

Rule 29 of the Takeover Code (the 'Code')

Following the publication of the Company's Strategic Review and Commencement of Formal Sale Process on 13 January 2026, the Company is in an offer period for the purposes of the Code. The Unaudited NAV as at 31 December 2025 (the '31 December NAV') referenced in the NAV and Trading Update issued on 29 January 2026 and the portfolio valuation of £699.1 million (the 'Portfolio Valuation') referred to above constitute asset valuations in accordance with Rule 29.1 of the Code. The Company has agreed with the Takeover Panel that in the event of a firm offer being announced for the Company, a valuation report in accordance with Rule 29 of the Code on the 31 December NAV and the Portfolio Valuation or any subsequent net asset value or portfolio valuation published by the Company prior to date of such offer will be published in due course and by no later than the publication of any offer document or scheme document in relation to such offer.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on the Company's website: www.picton.co.uk promptly following its publication and in any event no later than 12 noon (London time) on the business day following the release of this announcement. Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.

ENDS