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Picton acquires Random House Distribution Warehouse

Picton, the income focused investment company, has acquired a 335,000 sq ft East Midlands distribution warehouse, in Grantham, Lincolnshire for £11.48 million. The property has good access to the UK road network, located immediately adjacent to the A1 North/South arterial route. The income is secured against The Random House Group Ltd (a Penguin Random House Company) for just under nine years and currently produces an annual rent of £1,000,000, equivalent to just under £3 per sq ft. The purchase price represents a net initial yield of 8.2% and capital value of £34 per sq ft.Michael Morris, CEO of Picton Capital, commented:
“This acquisition complements recent trading activity in the portfolio. It provides secure income at an attrac...[…]