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EDISON INVESTMENT RESEARCH LIMITED (LON:KEFI) Edison issues flash on Picton Property Income (PCTN): Accretive portfolio repositioning

Transparency directive : regulatory news

09/04/2024 10:22

Edison Investment Research Limited
Edison issues flash on Picton Property Income (PCTN): Accretive portfolio repositioning

09-Apr-2024 / 09:22 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 9 April 2024

 

Edison issues flash on Picton Property Income (PCTN): Accretive portfolio repositioning

Picton Property Income has agreed the sale of Angel Gate, its second largest office asset, and largest portfolio void, with an agreed consideration above the Q323 valuation. The sale is part of its strategy to repurpose selective office assets and accretively recycle the capital. This sale supports NAV, and we expect a positive impact on earnings. Further repurposing asset management initiatives are being progressed.

Re-purposing plans underway at other properties are aimed at further repositioning the portfolio away from the office sector, which is facing a number of structural challenges, removing significant portfolio voids and providing additional options for accretive capital recycling. At Longcross in Cardiff (12% of the H124 portfolio void), contracts have been exchanged for its sale to an experienced purpose-built student accommodation developer. Having achieved vacant possession in one of the four buildings at Charlotte Terrace in London W14 (11% of the H124 portfolio void), a planning application has been submitted for its alternative residential use. In a separate announcement, Picton has confirmed Saira Johnston’s appointment to the board as CFO, which took effect on 1 April. There are no changes to our forecasts. FY23 results are scheduled for release on 23 May 2024.

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www.edisongroup.com

About Edison: As a content-led investor-relations business, Edison helps companies stand out and meet the right shareholders. Edison’s integrated investor relations solution combines expert analyst content, digital targeting and active investor engagement. This drives liquidity and valuations by building bigger, better informed and more engaged investor audiences globally.

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Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Martyn King +44 (0)20 3077 5700  financials@edisongroup.com

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The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

1876491  09-Apr-2024 

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