Picton has reported its highest ever profit as valuation gains have boosted the portfolio by 24%.
Profit after tax for the year rose to £147m, a huge lift from last year’s £34m. Net assets rose by 24.4% to £657m, thanks to like-for-like valuation gains of 21%.
Picton is about 60% invested in industrial, with 30% in offices and the remainder in retail and leisure. It has been steadily building up its industrial holdings – two further industrial assets were bought over the period for £25m – while selling retail.
The portfolio stands at £849m, up from last year’s £682m, with LTV steady at 21%.
Chief executive Michael Morris said: “We have again outperformed the MSCI UK Quarterly Property Index, delivering upper quartile performance since our launch in 2005. Our lettings success and asset management have improved occupancy across our industrial, office and retail assets.”
Total returns for the year were 28.3%, up from 6.6% in 2021.
Picton chair Lena Wilson said: “The results are reflective of the work and dedication of the team during a period which was still impacted by disruption caused during lockdown.”
She said the dividend had been restored to pre-pandemic levels and was committed to achieve zero carbon by 2040.
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