Picton raises new equity as NAV rises

Picton Property Income has reported a rise of 0.3% in its NAV, from 92.7p to 93p in the three months to the end of June. Net assets also increased over the same period, from £499.4m in March to £508.4m by the end of June this year. The company also raised £7.1m of new equity at a 1.9% premium to the March NAV and its loan-to-value reduced from 24.7% to 24.1%. Its investment property valuation stands at £679m. Nick Thompson, chairman of Picton, said: “We have delivered another positive set of results during a quarter in which we also raised equity on a non-dilutive basis. “This equity has been used initially to reduce borrowing from our revolving credit facilities ahead of it being deployed in a timely and cost-efficient manner into asset enhancing projects.” To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette