Strong Q4 for Picton as portfolio value grows 2.2%
Picton has delivered a solid trading update for the three months to 31 December 2024, with a 2.2% increase in portfolio valuation compared to the end of the previous quarter.
Net assets at the end of the quarter stood at £536.8m, compared to £524.8m on 30 September. The company chiefly puts this down to asset management driving strong growth in the retail warehouse sector.
Picton also spent £4.3m upgrading assets, particularly office buildings in Bristol, Chatham, Colchester and Marlow.
Picton has delivered a solid trading update for the three months to 31 December 2024, with a 2.2% increase in portfolio valuation compared to the end of the previous quarter.
Net assets at the end of the quarter stood at £536.8m, compared to £524.8m on 30 September. The company chiefly puts this down to asset management driving strong growth in the retail warehouse sector.
Picton also spent £4.3m upgrading assets, particularly office buildings in Bristol, Chatham, Colchester and Marlow.
Industrial now accounts for 61.8% of Picton’s assets by valuation. Retail and leisure represents 11.3% and offices are 26.9%, although completion of the £13.1m disposal of the part-vacant Charlotte Terrace office building in W14 is expected to reduce this figure further.
Chief executive Michael Morris said: “This was a strong quarter and reflects both progress at a portfolio level and our hands-on approach to improving income and creating value. We are now expecting completion of our asset disposals prior to the March year end, which will reduce our office exposure to below 25% and will further improve our portfolio occupancy to 95%.”
Picton chair Lena Wilson, who is leaving to take up the equivalent role at transport operator First Group, said: “In my last update as chair, I am delighted that we are delivering a NAV uplift, which is driven by property portfolio growth. This is a reflection of our continued upgrading and investment into the portfolio, proactive asset management and ability to capture rental growth. Our dividend remains fully covered and we have a strong balance sheet”.
