23rd Jul 2014 09:13
LONDON (Alliance News) - Picton Property Income Ltd Wednesday said its net assets increased to GBP258.9 million at June 30 from GBP214.1 million at March 31, resulting in a 4.6% increase in its net asset value per share to 58.9 pence from 56.4 pence in March.
In an interim management statement for the quarter ended June 30, the company, which invests in commercial property in the UK, Isle of Man and the Channel Islands, said it acquired a 335,000 square feet East Midlands distribution warehouse for GBP11.5 million, reflecting a net initial yield of 8.2%.
The company also sold a small non-core asset during the period for GBP420,00 in line with its valuation in March.
During the period, the company said it raised GBP35.0 million through the issue of 59.3 million shares at 59.0 pence, a 4.7% premium to its March net asset value. Picton Property shares were quoted up 0.3% at 61.20 pence Wednesday.
Overall, the company said occupancy across it portfolio rose to 92% at June 30 from 91% from at March 31. Picton said it completed 18 lettings, adding GBP900,000 a year to the rent roll.
Net gearing fell to 40.2% at June 30, from 47.7% at March 31.
"We have yet again improved occupancy and are seeing encouraging levels of occupier activity across the portfolio," Chief Executive Michael Morris said in a statement. "As we continue to invest capital from our recent share placing, this will help to enhance the potential for NAV and income growth from the portfolio."
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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