2 May 2025
PICTON PROPERTY INCOME LIMITED
('Picton' or the 'Company')
Refinance of revolving credit facility
Picton has successfully completed a new £50 million revolving credit facility ('RCF') with National Westminster Bank Plc ('NatWest').
The RCF, which was due to mature on 26 May 2025, has been refinanced with an initial term of three years and the option of two one-year extensions. Interest is charged at a margin of 165 bps above SONIA, on the first £25 million, and 170 bps thereafter. An undrawn commitment fee is payable equal to 40% of the margin.
The RCF is undrawn and the remainder of the Company's borrowings of £210 million are fixed at an average interest rate of 3.7% per annum with the earliest maturity in 2031.
Saira Johnston, CFO, commented:
"We are delighted to have completed this refinancing with NatWest and continue our strong ongoing relationship with the team. The RCF will continue to provide operational flexibility and future investment opportunity."
For further information:
Tavistock
James Verstringhe
020 7920 3150, james.verstringhe@tavistock.co.uk
Picton
Kathy Thompson, Company Secretary
020 7011 9988, kathy.thompson@picton.co.uk
About Picton
Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.
Picton owns and actively manages a £737 million UK commercial property portfolio, invested across 48 assets and with around 350 occupiers (as at 31 December 2024).
Through an occupier focused, opportunity led approach, Picton aims to be one of the consistently best performing diversified UK REITs and has delivered upper quartile outperformance and a consistently higher income return than the MSCI Quarterly Property Index since launch.
With a portfolio strategically positioned to capture income and capital growth, currently weighted towards the industrial sector, Picton's agile business model provides flexibility to adapt to evolving market trends over the long-term.
Picton has a responsible approach to business and is committed to being net zero carbon by 2040.
For more information please visit: www.picton.co.uk
LEI: 213800RYE59K9CKR4497
ENDS
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