Picton Property Income has consolidated its holding at Angel Gate Office Village, City Road, EC1 with the purchase of two additional buildings.
The income-focused property investment company paid a net consideration of £2.6m, reflecting an initial yield of around 11%, for units 17/18 and 24.
The consideration was paid from existing cash resources and represents a low capital value under £250 per sq ft, offering medium-term growth potential.
The buildings form part of a multi-let office development, the remainder of which Picton already owns, and is one of the ten largest assets in its portfolio.
Chief executive Michael Morris said: “This is an opportunistic acquisition as we already own the surrounding Estate.
“The fundamentals of the central London location – low capital value and high income return – fit in with the overall company strategy as well as our medium-term plans for this asset.”
