ING UK REIT to become Picton Property Income Ltd

New structure planned to attract wider base of investors

Article posted: 27 May 2011

ING UK Real Estate Income Trust Limited has announced that approval was given at its Annual General Meeting yesterday, to change the Company’s name to Picton Property Income Limited, reflecting the planned

internalised structure of the business.

Commenting, Nick Thompson, Chairman of the Company, said: “The approval by shareholders today to rename the Company is a further milestone in the internalisation process, which is anticipated to complete by the end of this year. Once fully in-place, the new management team led by Michael Morris as Chief Executive of Picton Capital Limited, will be directly aligned with the interests of shareholders.

“The new structure will deliver significant benefits and will support the enhancement of the Company’s dividend cover. We also expect that Picton will attract a wider base of investors, particularly from those who are attracted to an internalised management structure. We look forward to making further progress during this transition phase and delivering value for our shareholders under our new name.”

ING UK’s top ten assets include offices in the City of London at Boundary House on Jewry Street, EC3, on Farringdon Road and Chancery Lane. Outside of the capital, ING owns a business park comprising 149,801 sq ft of office space in Colchester, Essex (pictured). It holds a diversified portfolio of properties invested in five commercial sectors including office, retail, retail warehousing, industrial and leisure.

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Posted by Jo