Picton boasts record profit

Picton has reported its highest ever half-year profit as the REIT rebounds form the pandemic. The REIT declared profit after tax of £54.4m for the six months to 30 September and EPRA earnings of £10.9m. Picton said it had achieved a total property return of 9%, while its portfolio benefitted from a like-for-like valuation uplift of 7.4% and the addition of a £13m an industrial estate in Gloucester to reach £745m, with £574m of net assets. The REIT said that its industrial assets, accounting for 60% of its portfolio, had delivered like-for-like capital growth of 11.8% over the period, while gains in the office sector had been “more muted”. However, it said that this part of the business, which accounts for just over a third of its holdings, showed the most potential in the coming months. It added that its retail and leisure portfolio, more than 60% of which is retail parks, experienced strong valuation gains, especially during the last quarter, and saw a 7.8% like-for-like capital uplift. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews