UK real estate investment trust Picton is selling the Angel Gate office property in London to QSquare Brighton for 拢29.6m (鈧�31.5m).
Picton said the property, which is 50% occupied, is being sold 5% above the asset鈥檚 31 December 2023 valuation of 拢28.1m. It added that the proceeds will be used to repay a revolving credit facility of 拢16.4m.
Picton will consider options for the remaining proceeds of 拢13.2m following the completion of the disposal, dependent upon prevailing market conditions and investment opportunities, it said.
The London-listed UK property company said the disposal is in line with its strategy to repurpose appropriate office assets and follows the company securing residential planning consents in 2023 and a subsequent structured marketing process this year.
The disposal will reduce Picton鈥檚 office exposure from 30% to 28%.
Michael Morris, Picton鈥檚 CEO, said: 鈥淭he team has done an excellent job at Angel Gate. This sale marks the culmination of a complex process to maximise value from a partially vacant office asset by securing residential planning in a Zone 1 London location. The transaction reduces our office exposure and the sale price supports its December 2023 valuation.鈥�
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