Picton Property Income Ltd (PCTN)

Sector:

Real Estate

Index:

FTSE Small Cap

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92.40p
   
  • Change Today:
    -0.30p
  • 52 Week High: 93.40p
  • 52 Week Low: 81.50p
  • Currency: UK Pounds
  • Shares Issued: 540.05m
  • Volume: 250,001
  • Market Cap: £499.01m
  • Beta: 0.00

Picton sells non-core Oldham property for 80pc net profit

By Josh White

Date: Monday 13 Feb 2017

LONDON (ShareCast) - (ShareCast News) - Income focused property investment company Picton Property Income announced the disposal of a non-core property in Drury Lane, Oldham, for £2.2m on Monday, completing its business plan for the asset.
The London-listed firm said the warehouse was purchased in April 2010 for £0.4m with an annual rent of £74,000, as part of the acquisition of Rugby REIT.

During Picton's ownership, it secured planning consent to change the use from industrial to leisure, completed a full refurbishment, acquired adjacent land for car parking and subsequently let the transformed asset to The Gym Group until 2031 at an annual rent of £150,000.

The sale price reflected a net initial yield of 6.4% and a 10% premium to the 31 December 2016 external valuation.

Net of the £0.8 million of costs incurred since acquisition, the asset was sold at an 80% profit.

"This is a good example of how we used our knowledge of the local market and asset management expertise to double the income and capture a significant increase in value," said Picton Capital chief executive Michael Morris.

"The proceeds can be used, together with existing funds, to opportunistically acquire assets in larger lot sizes that we believe will generate attractive future returns."

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PCTN Market Data

Currency UK Pounds
Share Price 92.40p
Change Today -0.30p
% Change -0.32 %
52 Week High 93.40p
52 Week Low 81.50p
Volume 250,001
Shares Issued 540.05m
Market Cap £499.01m
Beta 0.00

PCTN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
25.00% above the market average25.00% above the market average25.00% above the market average25.00% above the market average25.00% above the market average
17.46% below the sector average17.46% below the sector average17.46% below the sector average17.46% below the sector average17.46% below the sector average
Price Trend
63.24% above the market average63.24% above the market average63.24% above the market average63.24% above the market average63.24% above the market average
71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average
Income
70.02% above the market average70.02% above the market average70.02% above the market average70.02% above the market average70.02% above the market average
65.96% above the sector average65.96% above the sector average65.96% above the sector average65.96% above the sector average65.96% above the sector average
Growth
31.01% below the market average31.01% below the market average31.01% below the market average31.01% below the market average31.01% below the market average
3.12% below the sector average3.12% below the sector average3.12% below the sector average3.12% below the sector average3.12% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PCTN Dividends

  Latest Previous
  Q4 Q3
Ex-Div 10-May-18 08-Feb-18
Paid 31-May-18 28-Feb-18
Amount 0.88p 0.88p

Trades for 17-Jul-2018

Time Volume / Share Price
13:10 13,160 @ 92.40p
12:36 10,775 @ 92.80p
12:02 1,257 @ 91.90p
11:56 2,154 @ 92.80p
11:55 117,693 @ 92.90p

PCTN Key Personnel

Chair Nicholas Thompson

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