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Picton Property Income extends its 2018 revolving credit facility

Picton Property Income (Picton) has announced that it has extended one of its revolving credit facilities (RCF) with Santander Corporate and Commercial Banking. Picton has two revolving credit facilities, one of which expires in 2018 and the other in 2021. The 2018 facility has now been extended and will expire at the same time as the other RCF, in June 2021.

The company says that the extended RCF is initially for £24 million and the annual non-utilisation cost will remain at £0.18 million. Once drawn, the RCF will incur interest payments of 190 basis points over 3 months LIBOR, which is currently close to 2.2% per annum.

Terms of the facility

Picton says that the terms of the facility allow for it to be repaid and redrawn over the life of the loan as required. Picton says that, by providing it with immediate access to committed but undrawn facilities, the RCF enables it to act quickly and opportunistically to purchase assets.

In total Picton now has £51 million available and undrawn under these two facilities, and net gearing of 27.4% as at 31 March 2017.

About Picton property Income

Picton Property Income Limited invests in commercial property located throughout the United Kingdom. As a closed-ended Property Investment Company, Picton’s investment objective is to provide shareholders with an attractive level of income, together with the potential for capital growth from directly or indirectly investing across the principal commercial property sectors; namely office, retail, industrial and leisure.

Picton was established in 2005. It says that, as at 31 March 2017, it owns and actively manages a £624.4 million diversified UK commercial portfolio, invested across 53 assets and with around 350 occupiers. Picton says that, through an occupier-focused, opportunity-led approach to real estate asset management, it aims to be one of the consistently best performing diversified UK property companies listed on the main market of the London Stock Exchange.

Picton Property Income extends its 2018 revolving credit facility : PCTN

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