Picton Property Income is preparing to launch a £10m share buyback.
The company said there is a “material disconnect” between its net asset value and its shares, which are trading at a discount of 37%.
“The board believes the current share price materially undervalues the company and the share buyback programme is an attractive use of [disposal] proceeds that will create value for shareholders,” the company said.
The company has been selling offices and has offloaded £43m-worth of assets since April 2024, with an impending sale set to lift that figure to £51m.
Sale proceeds were used last year to repay £16.4m in debt, lowering the company’s loan-to-value ratio to 25%.
The buyback programme will be overseen by corporate broker Stifel Nicolaus Europe.
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