20th Oct 2014 07:47
LONDON (Alliance News) - Picton Property Income Ltd Monday reported an increase in net assets amid better occupancy levels within its portfolio.
In a statement, Picton said net assets increased to GBP273.7 million at the end of September from GBP258.9 million at the end of June.
Picton also reported a 3.8% like-for-like increase in property portfolio valuation over the quarter, as well as an improvement in occupancy to 94% at the end of September from 92% at the end of June.
"Against a backdrop of both improving investor and occupier markets, we have delivered another quarter of strong NAV growth. We have successfully deployed funds raised in May and with attractive deal flow coming through we are considering continuing our placing programme to take advantage of further opportunities," Chairman Nick Thompson said in a statement.
Chief Executive Michael Morris called the improvement in occupancy within the portfolio a key highlight, as it had a positive impact on portfolio valuation and NAV growth.
Picton shares were Monday quoted up 1.1% at 62.15 pence.
By Samuel Agini; [email protected]; @samuelagini
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