22nd Oct 2013 07:54
LONDON (Alliance News) - Picton Property Income Limited Tuesday said its net asset value increased to GBP180.3 million from GBP169.6 million as it purchased a multi-let industrial estate in east London for GBP9.5 million, increasing the company's exposure to the London market to 29.8% of the total portfolio.
In a net asset value and interim dividend update for the quarter ended September 30, the property investor said it had improved the occupancy rate of its portfolio to 90%, from 89% in June and 88% in March.
Further progress has also been made on specific leasing initiatives, Picton said, with 12 lettings completed during the period contributing GBP0.5 million a year.
Picton said it had a strong pipeline of GBP0.75 million per annum of leasing transactions under offer.
It declared an unchanged dividend of 0.75 pence per share.
Picton shares were trading at 54.00 pence Tuesday morning, up 0.75p or 1.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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