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Picton sold a central London office to an overseas investor for £27.8M.
Located on Jewry Street, EC3, Boundary House is a 45k SF office building constructed in the mid-1950s and refurbished in 2013. It’s occupied by 12 tenants.
Picton received £2.8M upon the exchange of contracts; the deal will close on Aug. 30. Until then, Picton will continue to collect rent, which totals about £1.3M a year.
A source close to the deal tells Bisnow that Picton is repositioning its portfolio to higher producing assets. The company acquired a Manchester asset at the beginning of the year using debt, so the proceeds of Boundary House will be used to reduce overall gearing.
The source also tells Bisnow that Brexit had nothing to do with the deal and Picton continues to have about 20% of its portfolio in London office, retail and industrial assets.
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