Picton has revealed a 15% leap in the value of its assets during the three months to the end of 2014.
Net assets increased to £315.7m, compared to £273.7m at the end of September 2014. NAV per share rose 5.9% to 66.0p compared to 62.3p at the end of the previous quarter.
The like-for-like increase in property portfolio valuation was 4.1%, up from 3.8% at 30 September 2014.
The group also revealed a reduction in net gearing to 36.7% (September 2014: 43.2%), reflecting improved cash position and valuation gains at the quarter end.
The group raised £25m of new equity in December, at 2.3% premium to September NAV, for further property acquisitions.
Nick Thompson, chairman of Picton, said: “We have continued with our placing programme this quarter, further increasing the size of the company, diversifying our shareholder register and positioning ourselves to benefit from the economies of scale through growth. We look forward to providing further updates as the company progresses its investment programme.”
The group also reported occupancy across its office and industrial portfolios had improved to 95%, compared to 94% at the end of September. It completed 16 lettings, adding £1.2m a year to the rent roll and 10 lease renewals securing £1.2m a year.
Picton will pay a dividend of 0.75p a share on 27 February 2015, compared to 0.75p a share at 30 September 2014.