Picton Property Inc. - Disposal of largest office asset

 25 September 2025

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

Disposal of largest office asset

Picton has completed the sale of Stanford Building, London WC2, its largest office asset by value, for £34.5 million.

The disposal is consistent with Picton's strategy of reducing exposure to the office sector and recycling capital from lower-yielding assets. Following completion, Picton's proforma office exposure reduces to 20% by value (June 2025: 24%), whilst industrial, warehouse and logistics exposure rises to 68% (June 2025: 64%) and retail and leisure exposure is 12% (June 2025:12%).

As announced on 10 September 2025, £12.5 million of the proceeds will be used to fund the Company's share buyback programme, with the remainder available to support future investment opportunities, both within the portfolio and alongside higher yielding/growth opportunities.

Stanford Building was acquired as part of the Rugby REIT plc acquisition in 2010 for £17.5 million. It is a Grade II-listed property totalling 20,500 sq ft, comprising four floors of office space, a fifth-floor residential unit and a retail store on the ground and lower floors. In 2020, Picton completed a comprehensive repositioning to create a best in class, all electric building. The building is fully leased and Picton will continue to occupy space for its head office.

The disposal price represents a net initial yield of 4.6% and 1% premium to the March 2025 external valuation and a 1% discount to the June 2025 external valuation.

Michael Morris, Chief Executive of Picton, commented: 

"This disposal crystallises value from our largest office asset and enables us to redeploy proceeds into our share buyback programme and investment opportunities. Over the last 18 months we have reduced our office exposure by a third, realising gross proceeds of £85 million, which have been redeployed to create more value for shareholders".

For further information:

Picton

Michael Morris, Chief Executive

020 7011 9980, michael.morris@picton.co.uk

Tavistock

James Verstringhe

020 7920 3150, james.verstringhe@tavistock.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 £726 million UK commercial property portfolio, invested across 47 assets and with around 350 occupiers (as at 30 June 2025).

Through an occupier focused, opportunity led approach, Picton aims to be the consistently best performing diversified UK REIT and has delivered upper quartile outperformance and a consistently higher income return than the MSCI UK 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