PCTN : Picton spends last of cash in Peterborough
Picton Property is acquiring two retail units in Peterborough, Cambridgeshire for £9.075m. The adjacent properties are on Bridge Street, a pedestrianised shopping street, have 89,000 sq ft of space and are let to TK Maxx and New Look. The rent is just over £7 p sq ft which works out at £625,000 per annum – a net initial yield of 6.5%. The rents are subject to review in 2015 and 2016.
With this deal, Picton has spent the last of the money it raised in the placing it conducted in May this year.