Picton has said it is in “a favourable position” to take advantage of the current economic chaos, after posting modest growth.
The £863m portfolio increased its net asset value by 2% to £670m over the last quarter.
Chair Lena Wilson said: “It is encouraging to have delivered yet another quarter of positive NAV growth. Looking ahead, our conservative balance sheet and predominantly fixed long-term debt facilities put us in a favourable position to take advantage of opportunities arising from current market conditions.”
Picton had total borrowings in June of £218.5m, with a loan to value ratio of 22.3%. It also has just over £45m available to it for investments through its undrawn revolving credit facility.
Chief executive Michael Morris added: “While we recognise that macro events are leading to a slowing of capital growth in many markets, both asset management initiatives and rental growth in a number of sub-sectors have contributed to the overall positive result. We continue to watch the market carefully for opportunities to grow the portfolio.”
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
