| Item | End Dec 2014 | End March 2015 |
|---|---|---|
| NAV | 66p/share | 68.5p/share |
| Portfolio value | £315.7m | £370m |
| Portfolio gearing | 36.70% | 30.10% |
Picton Property Income has posted an NAV increase of 3.8% to 68.5p per share in the first three months of the year.
The NAV increased from 66p per share in December 2014 as the value of the company’s portfolio net value increased to £370m from £315.7m over the same period.
Over the three months, Picton disposed of two non-core assets, Middleton Trade Park for £2.2m and Sutton for £0.85m.
It acquired a 112,000 sq ft retail warehouse park in Gloucester for £14.65m at a yield of 6.9% and took an interest in the long leasehold of two retail warehouses in Bury for £3.9m, yielding 7.9%.
Picton raised £42.2m of new equity over the first three months of the year, principally for new investments, and reduced portfolio gearing to 30.1% from 36.7%, aided by revaluations and the improved cash position.
Occupancy was maintained at 95% across the portfolio in the first quarter with 16 new lettings adding £1.2m to the rental roll.
The company entered into a new £26m revolving credit facility and repaid £1.8m in loans over the quarter.
Dividends of 0.825p per share were announced alongside the trading update.
