Picton Property Income has announced a 2.7% increase in its quarterly dividend, with shareholders set to receive 0.95p per share for the period from 1 January to 31 March 2025. This compares with the 0.925p paid in respect of the prior quarter. The dividend will be paid on 30 May 2025 to shareholders on the register as at 16 May, with the shares going ex-dividend on 15 May. The dividend will be designated as a property income distribution (PID).
Separately, the company has secured consent under permitted development rights for a rooftop residential scheme at 50 Farringdon Road, London EC1. The scheme will add a fourth storey to the existing office building, comprising 13 residential flats with views towards St Paul’s Cathedral. The 8,200 sq ft addition is the first Class AB Permitted Development application to be approved by the London Borough of Islington and does not require a full planning application.
Chief executive Michael Morris noted that this is the fourth office asset to gain planning approval since 2023 and highlights the company’s strategy to unlock value from alternative uses within its office portfolio.
[QD comment MR: This is a smart move by Picton, which has been quietly building a track record of extracting value from its office portfolio through planning gains. The Farringdon Road scheme not only enhances the asset’s value but also reflects a pragmatic response to the shifting dynamics in office demand and residential need. Gaining the first Class AB permitted development consent in Islington is no small feat and could pave the way for similar initiatives. The dividend increase, though modest, is a positive signal and suggests growing confidence in income resilience.]
