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Picton Property Income makes 'significant' progress since June update
17th Sep 2019 08:24
(Sharecast News) - Picton Property Income updated the market on its portfolio on Tuesday, following what it described as a "period of significant activity" since its June net asset value update.
The London-listed firm said progress had been made across all sectors with the completion of 20 asset management initiatives including lettings, lease renewals, regears and rent reviews.
It said those had a combined annual rent of £2.4m per annum, and were agreed on average 4% ahead of the June estimated rental values.
In addition, the company said it had started to deploy the capital it raised in June, having completed two refurbishment projects, where occupiers have been identified and terms been agreed in principle.
Projects had commenced at a further seven assets, all of which were aimed at enhancing occupancy and rental income.
Picton Property said a further update would be provided in its interim results to 30 September, which were expected to be released in November.
"We have been encouraged by the level of portfolio activity over the traditionally quieter summer period, especially given the current political backdrop," said chief executive Michael Morris.
"Since raising capital to invest in the portfolio in June, we have made significant progress on the identified projects and have already both attracted and retained new and existing occupiers, improving the income profile.
"We are continuing to invest in our portfolio and unlock future opportunities to improve occupancy and rental income."
The London-listed firm said progress had been made across all sectors with the completion of 20 asset management initiatives including lettings, lease renewals, regears and rent reviews.
It said those had a combined annual rent of £2.4m per annum, and were agreed on average 4% ahead of the June estimated rental values.
In addition, the company said it had started to deploy the capital it raised in June, having completed two refurbishment projects, where occupiers have been identified and terms been agreed in principle.
Projects had commenced at a further seven assets, all of which were aimed at enhancing occupancy and rental income.
Picton Property said a further update would be provided in its interim results to 30 September, which were expected to be released in November.
"We have been encouraged by the level of portfolio activity over the traditionally quieter summer period, especially given the current political backdrop," said chief executive Michael Morris.
"Since raising capital to invest in the portfolio in June, we have made significant progress on the identified projects and have already both attracted and retained new and existing occupiers, improving the income profile.
"We are continuing to invest in our portfolio and unlock future opportunities to improve occupancy and rental income."