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Picton Property : PCTN – June NAV

Picton Property has announced its EPRA net asset value at the end of June 2014 was 58.9p – up 4.6% on the value at the end of March 2014.

June was a good quarter for UK property. Picton report that, according to the IPD Monthly Index, total returns in the quarter to June 2014 were positive at 5.1%, a stronger performance than March 2014 at 3.9%. The income return in the quarter to June 2014 was 1.5% and capital growth was 3.5%. They also say that, across the principal IPD sectors, office values rose by 4.7% (March 2014: 3.7%), industrial by 4.1% (March 2014: 3.2%) and retail by 2.5% (March 2014: 2.3%). In the quarter to June, all of the 37 IPD segments recorded positive capital growth movements compared to June 2013 where only 17 segments recorded positive growth. In terms of rental growth 23 segments recorded positive rental growth in the quarter to June 2014 compared to only 14 in June 2013.

During the quarter Picton Property raised £35m from investors, sold one small property for £420,000 and bought a distribution warehouse for £11.5m – consequently the fund’s gearing fell to 40.2% from 47.7%. It . After the quarter end it paid £20m for a warehouse in Northamptonshire – this deal will have pushed the gearing ratio back up again. The quarterly dividend is being maintained at 0.75p per share.

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