Picton Property Income has continued to skew its portfolio towards office and industrial assets at the expense of retail and leisure, as its chief executive said “robust progress” had helped it stay in the black during a tough period.
The REIT has posted a profit £3.7m for the six months to 30 September, down by three-quarters from a year ago. EPRA NAV per share was flat at 93p.
“We have delivered robust progress at a portfolio level and rent collection in excess of 90%,” said chief executive Michael Morris. “As well as improving occupancy, generating additional income to offset Covid-19 impacts and completing some key asset management projects, we have also increased our weightings to the better performing industrial and office sectors.”
That shift was achieved through measures including a £4m disposal of a retail property on Bridge Street in Peterborough, let to TK Maxx and New Look and sold to Peterborough City Council, which will convert the building into a new library.
Picton is also changing part of its Stanford Building on Long Acre, WC2 (pictured), from retail to office, and has now reclassified the asset as a West End office within its portfolio.
The company now has almost 90% of its £661m portfolio accounted for by office and industrial assets.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
