Picton Capital has posted a 1.7% rise in NAV to £441.9m in the first quarter of the year.
The value of its property portfolio increased 0.9% on a like-for-like basis, compared to 1.9% the previous quarter. The average lot size grew from £11.4m to £11.8m in the quarter.
It completed six lettings, on average 6% ahead of their estimated rental value in December 2016, which added 0.4% to the rent roll.
Total return for the quarter was down to 2.8% from 3.5% at the end of December.
In a statement, the company said more than 40% of the portfolio has been allocated to the industrial, warehouse and logistics sector, which it said was resilient to broader economic and political volatility.
Nick Thompson, chairman of Picton, said: “We have had a good start to 2017, which is shown by a further increase in NAV. During the quarter, we maintained a covered dividend and reduced net gearing to 27%.
“We also continued to reshape the portfolio selling three non-core assets and increasing our average lot size.”
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