Picton disposes of two Bath retail assets
Property investment company Picton announced the disposal of two small, non-core retail assets in Bath for a total of £3.23m on Tuesday.
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The London-listed firm said that represented an aggregate net initial yield of 4.7% and a 29% premium to the 30 September external valuation.
It said the disposals of 2 Bath Street and 6 Argyle Street are in line with the its ongoing strategy to reshape the portfolio in favour of larger assets with greater potential for capital and income growth.
The assets were originally purchased with a combined value of £2.08m as part of the Rugby REIT acquisition in 2010, and have since generated what the board described as “attractive” income and capital returns.
“These disposals are NAV accretive, reduce our overall retail exposure and further demonstrate our ability to create value significantly ahead of the wider market, through our opportunity led approach,” said Picton Capital CEO Michael Morris.
Picton said it will announce its net asset value as at 31 December during the week commencing 23 January.