13th November 2014 PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") Picton disposes of two non-core assetsPicton, the property investment company, announces the disposal of two non-coreassets for a combined consideration of £3.28 million.The combined disposal price reflects a 6% premium to the September 2014valuation and a 21% premium to the apportioned valuation when the assetswerepurchased as part of Picton's acquisition of Rugby REIT in 2010.In Middleton, Lancashire, it has exchanged contracts on Middleton Trade Park, a24,000 sq ft multi-let industrial estate for £2.16 million. The sale followsconsiderable letting success which included the letting of six units to a rangeof occupiers including Screwfix. Completion will occur in January 2015 andPicton will retain the income until completion.In Brighton, Picton has disposed of its 2,780 sq ftholding in BartholomewSquare, for a combined consideration of £1.12 million.Having recentlyrestructured the long leasehold with Brighton City Council, a small retail andrestaurant unit at the site were disposed of in two transactions, both of whichwill complete following receipt of freeholder consent which is expected beforethe year end. In the meantime Picton will retain the income until completion.Michael Morris, Chief Executive of Picton Capital, added: "Both of thesedisposals follow considerable asset management success and continue ourstrategy of divesting of our smaller assets when attractive pricing isachieved."For further information:TavistockJeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.ukPicton Capital LimitedMichael Morris, 020 7011 9980, michael.morris@pictoncapital.co.ukNote to EditorsPicton Property Income Limited ('Picton') is an income focused, propertyinvestment company listed on the London Stock Exchange. Picton can invest bothdirectly and indirectly in commercial property across the United Kingdom.With Net Assets of £273.7 million at 30 September 2014 and approximately 850investors, the Company's objective is to provide shareholders with anattractive level of income, together with the potential for capital growth byinvesting in the principal commercial property sectors.
www.pictonproperty.co.uk