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Picton Property Income Ltd - London-based real estate investment trust - Completes the freehold acquisition of mixed-use property in London for £13.7 million. This reflects a net initial yield of 3.3%. Acquisition funded from existing cash resources.
The property comprises of four adjoining buildings with a total office space of 28,500 square feet and retail space of 4,400 square feet. It is a Grade II listed building. Picton says this means there is no business rates payable on void units. Current annual rental income of the property is £500,000, or £34 per square foot.
Current stock price: 94.20 pence
12-month change: up 9.2%
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