Picton has agreed a deal to sell its Angel Gate office asset in London for £29.6m to QSquare (Brighton) – 5% above the asset’s 31 December 2023 valuation of £28.1m.
Picton secured office to residential planning consent for the site late last year and following completion of the transaction on 9 April, Picton’s office exposure will fall from 30% to 28% and its portfolio occupancy will increase from 90% to 91%
The company intends to use part of the proceeds from the sale to repay its revolving credit facility of £16.4m.
Michael Morris, chief executive at Picton, said: “The 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 one London location. The transaction reduces our office exposure and the sale price supports its December 2023 valuation.”
CBRE advised Picton and Gerald Eve advised QSquare.
