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Picton Property Income Ltd - UK commercial property-focused real estate investment trust - Completes sale of its office asset in Angel Gate, London for £29.6 million, reflecting a 5% increase from a recent valuation in December. The sale was announced in early April.
Notes that a proportion of the proceeds will be used to fully repay the £16.4 million outstanding balance on its revolving credit facility, with the remainder available for ‘appropriate future investment opportunities.’
Earlier in April, Chief Executive Officer Michael Morris said: ‘This sale marks the culmination of a complex process to maximise value from a partially vacant office asset by securing residential planning in a Zone 1 London location.’
Current stock price: 61.42 pence, up 1.9% in London on Monday
12-month change: down 19%
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