Picton boosts portfolio valuation

By James Buckley - Monday, October 23, 2017 9:33

Picton’s net assets rose slightly to £463.8m over the quarter ended 30 September 2017 and NAV/EPRA NAV per share rose 2.5% to 85.9 pence, up from 83.6p at 30 June 2017.

Total return for the quarter was 3.5% and the group’s net gearing was 28.2%.

Picton said it sawportfolio growth and improvement in occupancy over the quarter, with a like-for-like increase in property portfolio valuation of 1.9%.

Picton completed the purchase of a grade A office in Bristol for £23.15m and the disposal of two non-core assets for £9.86m, 5.9% ahead of the June valuation. It completed seven lettings, six rent reviews and two lease renewals, on average 3.3% ahead of the June ERV, with a combined annual rent of £1.8 million. Occupancy increased to 95%.

Nick Thompson, Chairman of Picton, said: “This is another positive quarter with continued NAV growth and further improvement in our dividend cover. We acquired, off market, a grade A regional office asset which provides further scope to enhance our earnings.”

Michael Morris, Chief Executive of Picton Capital, said: “We have improved occupancy, achieved further lettings success and continued to invest back into the portfolio to enhance longer term returns. Our industrial and office assets have performed particularly well, benefitting from good occupational demand and in turn rental growth.”

The next NAV update as at 31 December 2017 will be announced in January 2018.


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