Overview
Picton Property Income Limited invests in commercial property located throughout the United Kingdom.
As a closed-ended Property Investment Company, Picton’s investment objective is to provide shareholders with an attractive level of income, together with the potential for capital growth from directly or indirectly investing across the principal commercial property sectors; namely office, retail, industrial and leisure.
Research History
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07 Aug 2024
QuotedData’s Real Estate Monthly Roundup – August 2024
August 2024 Winners and losers in July 2024 Best performing funds in price terms % Tritax EuroBox 13.3 Balanced Commercial Property Trust 10.5 TR Property 10.4 AEW UK REIT 9.9 Shaftesbury Capital 9.9 Picton Property 9.4 Schroder REIT 9.1 Tritax Big Box REIT 8.9 Capital & Regional 8.3 Unite Group 7.9 Source: Bloomberg, Marten & […]
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13 Dec 2023
QuotedData's Real Estate Monthly Roundup - December 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data November’s biggest movers in price terms are shown in the charts below. Property stocks bounced back in November after a difficult few months, with the median share price across the sector up 8.2%. Investor sentiment towards the sector improved as hopes that interest rates have hit […]
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11 Aug 2023
QuotedData's Real Estate Monthly Roundup - August 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data July’s biggest movers in price terms are shown in the charts below. Better than expected inflation figures in the UK raised hope that interest rates had peaked, and that commercial property values may have bottomed out. Improving investor sentiment towards the sector was reflected in an […]
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13 Jun 2023
QuotedData's Real Estate Monthly Roundup - June 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data May’s biggest movers in price terms are shown in the charts below. The property sector is a hotbed of merger and acquisition (M&A) activity as investors look to take advantage of the unloved sector and wide discounts to net asset values (NAVs). Higher than expected inflation […]
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16 May 2023
QuotedData's Real Estate Monthly Roundup - May 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data April’s biggest movers in price terms are shown in the charts below. Property stocks returned to positive territory in April after months of losses due to the impact of higher interest rates on valuations. The first signs of values stabilising are starting to feed through with […]
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09 Feb 2023
QuotedData's Real Estate Monthly Roundup - February 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data January’s biggest movers in price terms are shown in the charts below. 2023 started positively for the property sector, with a median average share price uplift of 1.3%. A gloomy economic outlook at the end of 2022 saw many property companies’ share prices fall to substantial […]
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09 Feb 2023
QuotedData’s Economic and Political Monthly Roundup February 2023
Economic and Political Monthly Roundup Investment companies | Monthly | February 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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05 Jan 2023
QuotedData's Real Estate Monthly Roundup - January 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data December’s biggest movers in price terms are shown in the charts below. 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however. […]
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07 Dec 2022
QuotedData’s Economic and Political Monthly Roundup December 2022
Economic and Political Monthly Roundup Investment companies | Monthly | December 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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07 Dec 2022
QuotedData's Real Estate Roundup - December 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data November’s biggest movers in price terms are shown in the charts below. Valuation declines in the property sector are starting to feed through in NAV announcements and interim results (see page 2) as higher cost of debt continues to put pressure on pricing. Having seen dramatic […]
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14 Oct 2022
QuotedData’s Real Estate Quarterly Review – Third Quarter 2022
Real estate quarterly report Kindly sponsored by abrdn Choppy waters ahead High interest rates is a killer for real estate, and so the chancellor’s disastrous ‘mini budget’ at the end of September – which spooked gilt markets and saw interest rate forecasts for next year top 6% – had a catastrophic impact on the listed […]
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06 Oct 2022
QuotedData's Real Estate Roundup - October 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data September’s biggest movers in price terms are shown in the charts below. The real estate sector is facing the perfect storm. Fears that interest rate rises will be higher and faster as the Bank of England looks to quell inflation, exacerbated by the chancellor’s disastrous ‘mini […]
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04 Aug 2022
QuotedData's Real Estate Roundup - August 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data July’s biggest movers in price terms are shown in the charts below. Many of the logistics and office focused companies that have suffered in the past few months saw somewhat of a recovery in July, as the substantial discounts that their share prices trade at relative […]
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15 Jul 2022
QuotedData's Real Estate Quarterly Review - Second Quarter 2022
Real Estate Quarterly Review Kindly sponsored by abrdn Storm clouds gather Fears that a perfect storm is brewing has weighed on the real estate sector. Central banks’ move to raise interest rates to curb spiralling inflation has stoked concerns that investors will turn away from real estate to less risky alternatives, such as bonds. Meanwhile […]
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10 Jun 2022
QuotedData's Real Estate Roundup - June 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data May’s biggest movers in price terms are shown in the charts below. A perpetual theme in the listed property sector over the last few years has been the persistent discount to net asset value that many companies’ share prices have traded on. Some have succumbed to […]
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06 May 2022
QuotedData's Real Estate Roundup - May 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data April’s biggest movers in price terms are shown in the charts below. Fears of a looming recession meant April was a difficult month for property stocks generally. There were a few positive performers in share price terms, however. Leading the way was London office landlord and […]
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12 Apr 2022
QuotedData's Real Estate Quarterly Review - First Quarter 2022
Real Estate Quarterly Review Kindly sponsored by Abrdn Value to be found in topsy-turvy market The first three months of 2022 have been full of significant events. Investor caution followed Russia’s invasion of Ukraine and put paid to a London-listed property company with a portfolio of Russian assets (see page 6 for details). The cost-of-living crisis […]
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06 Apr 2022
QuotedData's Real Estate Roundup - April 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data March’s biggest movers in price terms are shown in the charts below. Property stocks generally rallied in March, perhaps due to the relative inflation hedge they can provide. There were two outliers in Dublin office specialist Hibernia REIT and small-cap South East of England landlord McKay […]
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04 Feb 2022
QuotedData's Real Estate Roundup - February 2022
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data January’s biggest movers in price terms are shown in the charts below. Perhaps reflecting optimism around the strength of the economy coming out of COVID restrictions, a shift to value stocks was triggered in January, with property generalists and retail-focused companies the beneficiaries. Hammerson […]
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06 Dec 2021
QuotedData's Real Estate Roundup - December 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data November’s biggest movers in price terms are shown in the charts below. November ended under a cloud of uncertainty, with the discovery of the Omicron coronavirus variant threating a return of restrictions that have wreaked havoc in the property sector over the past two […]
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15 Oct 2021
QuotedData's Real Estate Quarterly Review - Third Quarter 2021
Real Estate Quarterly Review Kindly sponsored by Aberdeen Standard Investments Rate rise fears dampens bounce back The quarter started with much promise, as activity picked up with the full opening of the economy. This was reflected in the valuation of commercial properties and in turn investor sentiment to the listed real estate sector. However, supply chain […]
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09 Sep 2021
QuotedData's Real Estate Roundup - September 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data August’s biggest movers in price terms are shown in the chart below. Traditionally a quiet month, August was anything but for property companies. While takeovers, IPO activity and large investment deals dominated the headlines, Tritax Big Box REIT continued its impressive performance. After reporting […]
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06 Aug 2021
QuotedData's Real Estate Roundup - August 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data July’s biggest movers in price terms are shown in the chart below. It was no surprise that GCP Student Living topped the table for best performing property companies in July after it received a takeover bid 30% above its share price during the month. […]
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15 Jul 2021
QuotedData's Real Estate Quarterly Review - second quarter 2021
Value hunters boost property The easing of lockdown restrictions throughout the quarter saw property companies stage somewhat of a comeback from the depths of the pandemic, despite ‘freedom day’ being delayed into July. The potential for an economic bounce in the second half of the year is growing and generalist real estate investment trusts (REITs), […]
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07 Jun 2021
QuotedData's Real Estate Roundup - June 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data May’s biggest movers in price terms are shown in the chart below. Unsurprisingly, St Modwen Properties saw a big rise in its share price in May having received a cash offer for the business (logistics developments and a housebuilding arm) from Blackstone, valuing it […]
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11 Feb 2021
QuotedData's Real Estate Roundup - February 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data January’s biggest movers in price terms are shown in the chart below. The UK’s vaccination programme has lifted optimism for a speedier opening of the economy than first feared at the start of the year. Property companies that reported positive valuation figures for the […]
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17 Dec 2020
QuotedData's Real Estate Roundup - December 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data November’s biggest movers in price terms are shown in the chart below. The eagerly awaited news of a successful vaccine candidate came at the start of November, boosting the stock market. Property companies that had seen their share price battered over the past eight […]
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13 Aug 2020
QuotedData's Real Estate Monthly Roundup - August 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data July’s biggest movers in price terms are shown in the chart below. A number of REITs and property companies saw big share price gains over the month of July as covid-19 restrictions started to ease across the UK and greater economic stimulus was revealed. […]
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16 Jul 2020
QuotedData's Real Estate Quarterly Review - Q2 2020
Real Estate Quarterly Roundup Kindly sponsored by Aberdeen Standard Investments A polarised lens The covid-19 pandemic continued to wreak havoc in the real estate in the second quarter, but a polarisation of sectors and funds has started to become apparent. Companies focused on the retail, leisure and hospitality property sectors had already seen huge negative […]
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07 Jul 2020
QuotedData's Real Estate Roundup - July 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data June’s biggest movers in price terms are shown in the chart below. Uncertainty caused by the covid-19 pandemic continued to weigh on property stocks in June and we had the first real casualty in Intu Properties, which collapsed into administration. A number of companies […]
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07 May 2020
QuotedData's Real Estate Roundup - May 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data April’s biggest movers in price terms are shown in the chart below. Following two months of heavy falls as the covid-19 pandemic took hold and the UK was put on lockdown, many property companies saw a bounce in their share price in April, although […]
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10 Mar 2020
QuotedData's Real Estate Roundup - March 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data February’s biggest movers in price terms are shown in the chart below. Property stocks tumbled in February as fears over the spread of Covid-19 spooked financial markets around the world and resulted in the largest sell-off since the 2008 financial crisis. There were just […]
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07 Feb 2020
QuotedData's Real Estate Roundup - February 2020
Real Estate Roundup Performance data January’s biggest movers in price terms are shown in the chart below. The sluggish start to the year for listed property companies is hardly surprising given they were coming off a high base after the “Boris-bounce” following the general election in December. Topping the list was Triple Point Social Housing […]
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30 Jan 2020
QuotedData's Real Estate Annual Review - 2019
Property’s alternative theory The year was dominated by political and economic uncertainty, with Brexit negotiations casting a shadow over the market and the general election adding a further layer of doubt for much of the year. For a market that is staunchly aligned with political and economic sentiment, listed property companies and REITs performed well, […]
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10 Dec 2019
QuotedData's Real Estate Roundup - December 2019
Real Estate Roundup Performance data November’s biggest movers in price terms are shown in the chart below. November saw a host of companies report interim and full year results with varying outcomes. CLS Holdings, which owns a diverse portfolio split between the UK, Germany and France, gave a positive trading update that outlined its capital […]
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19 Dec 2018
QuotedData's economic roundup - December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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11 Jul 2018
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 Jul 2018
QuotedData’s Economic round up – July 2018
QuotedData’s Economic round up – July 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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18 Jan 2018
QuotedData - 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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11 Dec 2017
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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15 Mar 2017
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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14 Feb 2017
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
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07 Dec 2016
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
News
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09 Aug 2017
Picton buys multi-let building in Bristol
Picton buys multi-let building in Bristol – Picton, the property investment company, has completed the acquisition of a grade A office building located in Bristol city centre for GBP 23.15 million. Known as Tower Wharf, the building is situated in a prominent position on the waterfront, adjacent to Temple Way, and equidistant to both Temple […]
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22 Jun 2017
Picton Property Income extends its 2018 revolving credit facility
Picton Property Income (Picton) has announced that it has extended one of its revolving credit facilities (RCF) with Santander Corporate and Commercial Banking. Picton has two revolving credit facilities, one of which expires in 2018 and the other in 2021. The 2018 facility has now been extended and will expire at the same time as […]
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07 Jun 2017
Picton Property cuts debt as shareholders make 25% returns
Picton Property cuts debt as shareholders make 25% returns Picton Property Income has released results for the year ended 31 March 2017. These show: An increase in EPRA NAV per share of 6.0%, to 82 pence per share Income profit increased by 30% to GBP25.8 million Total return of 10.4% Shareholder total return of 25.6% […]
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14 Feb 2017
Picton makes 80% on disposal
Picton Property Income has disposed of a non-core property in Drury Lane, Oldham, for GBP2.2 million, completing its business plan for the asset. The warehouse was purchased in April 2010 for GBP0.4 million with an annual rent of GBP74,000 as part of the acquisition of Rugby REIT. During Picton’s ownership, it secured planning consent to […]
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17 Jan 2017
Picton Property Income sells two Bath retail properties for £3.23m
Picton Property Income has announced that it has disposed of two small, non-core retail assets in Bath for a total of £3.23m. The sale price reflects an aggregate net initial yield of 4.7% and a 29% premium to the 30 September external valuation. The company says that the disposals of 2 Bath Street and 6 […]
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15 Nov 2016
Picton Property bucks trend with NAV increase
Picton Property Income has bucked a trend of falling capital values post the EU referendum by posting an NAV increase for the six months ended 30 September 2016. The EPRA NAV rose by 1.7% to 78.5p over the period as the portfolio valuation increased by 0.6% against a market backdrop of falling values. They say their outperformance was due […]
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18 Oct 2016
Picton cuts debt as it repays zeros
Picton Property Income has published an update following the repayment of all its 7.25% zero dividend preference shares and revolving credit facility, together with asset disposals announced in August and October: GBP45 million of NAV accretive disposals, reducing central London office exposure. Repayment of GBP15.8 million previously drawn under a revolving credit facility. Repayment of GBP29.1 million […]
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17 Oct 2016
Picton sells 1 Chancery Lane
Picton Property Income has disposed of its interest at 1 Chancery Lane, WC2 for GBP17.25 million, reflecting a net initial yield of 3.9%. 1 Chancery Lane comprises a 15,000 sq ft multi-let retail and office block, located in London’s Midtown, arranged over basement, ground and five upper floors. The disposal formed part of and now […]
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14 Oct 2016
Picton gets settlement on lease dispute
Picton Property Income says it will receive a payment of GBP5.25 million following the final settlement of a dispute arising from guarantee provisions within an occupational lease at the Strathmore Hotel, Luton. The settlement will add just less than 1.0 pence per share on the forthcoming quarterly NAV for the period to 30 September 2016 […]
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31 Aug 2016
Picton Property Income sells Boundary house, Jewry Street, London for £27.8m
Picton Property Income (Picton) has announced that the disposal of one of its City of London office assets, Boundary House, Jewry Street, EC3 completed on 30 August 2016. The disposal proceeds were £27.8m, which the company says is in line with the June 2016 valuation, and will be used to reduce its debt (Picton’s zero […]
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19 Aug 2016
Property exposure through closed-ended funds
Advisers could consider using investment trusts for their clients’ property exposure. read more here
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28 Jun 2016
Good year for Picton Property on new acquisitions and Angel Gate
Picton Property Income has announced results for the year ended 31 March 2016. The EPRA NAV increased by 12.7% to 77 pence per share. EPRA earnings increased by 30.1% to GBP19.9 million, equivalent to EPS of 3.7 pence per share (up 8.3% on the year before). The dividend has been increased by 10% to 3.3p. The total […]
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22 Jun 2016
Picton Property has £27m credit facility
Picton Property has entered into a five year GBP27 million revolving credit facility (“RCF”) with Santander Corporate & Commercial Banking. The RCF, which is similar to the facility set up in March 2015, will provide the Group with greater operational flexibility. In addition to existing undrawn facilities, it can be used to meet the repayment […]
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23 Feb 2016
Picton buys Metro, Trafford Road, Manchester
Picton Property has acquired a fully let office building in Salford Quays, Greater Manchester for £17.6m. After finance costs this transaction will increase the Company’s net income by approximately £900k per annum, rising to £1.2m per annum in April 2017. This reflects an increase in dividend cover of 5% and 7% respectively. The property, known as Metro, […]
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18 Nov 2015
Picton Property grows NAV 6% during first half
Picton Property Income has announced its interim results for the six-months ended 30 September 2015. During the period, the company’s EPRA NAV increased 6% to 73p per share (69p as at 31 March 2015), whilst its EPRA earnings per share increased by 13% year-on-year to 1.8p. The company has posted gains on its investment properties […]
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01 Sep 2015
Picton Acquires 180 West George Street Glasgow
Picton Property Income has announced the acquisition of 180 West George Street, a multi-let office investment in Glasgow (pictured), for £14.25m. The acquisition reflects a net initial yield of 7.8%. The property, which was constructed in 2000, provides 52,100 sq ft of office accommodation over basement, ground and six upper floors and is located in the heart […]
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12 Aug 2015
Picton buys Sheffield warehouse
Picton Property Income has acquired the freehold of a retail warehouse in Sheffield, for £17.7m, reflecting a net initial yield of 6.6%. The property is well located close to Sheffield city centre, in an established retail warehouse location and adjacent to Queens Road Retail Park. It was built in 2002 on a nine acre site, […]
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09 Jun 2015
Picton beats IPD and announces deal in Chatham
Over the year to the end of March 2015, Picton Property Income’s net asset value climbed from 56p to 69p and its earnings per share grew from 10.4p to 15.4p. To give a total return of 27.4%. They maintained the dividend but this year will increase it by 10% to 3.3p per share [corrected from version where […]
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06 Mar 2015
Picton snaps up Gloucester Retail Park
Picton Property is paying £14.65m for a retail park in Gloucester. Gloucester Retail Park, on Eastern Avenue, has four units totalling 112,000 sq ft of space let to B&M Bargains, Carpetright, The Range and AHF with a weighted average lease life of 13.2 years. It generates rents of £1.067m, equivalent to a rent per sq […]
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13 Oct 2014
Picton Property gets planning permission for scheme in Swindon
PCTN : Picton Property gets planning permission for scheme in Swindon Picton Property has a six acre site – Westlea Campus in Chelmsford Road Swindon. Planning permission has just been granted to build a 15,000 sq ft supermarket and 70 residential units on the site. Picton has already done a deal with Aldi to sell […]
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09 Sep 2014
Picton spends last of cash in Peterborough
PCTN : Picton spends last of cash in Peterborough Picton Property is acquiring two retail units in Peterborough, Cambridgeshire for £9.075m. The adjacent properties are on Bridge Street, a pedestrianised shopping street, have 89,000 sq ft of space and are let to TK Maxx and New Look. The rent is just over £7 p sq […]
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23 Jul 2014
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 […]
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17 Jul 2014
Picton Property Income acquires Belkin distribution warehouse for £20m
Picton Property Income has acquired a distribution warehouse in Rushden, Northamptonshire, for £20m. The 312,000 square foot warehouse is currently leased to electrical component manufacturer Belkin, until April 2020, and the transaction represents an initial yield of 7.7%. Following this purchase, Picton has now largely deployed the proceeds, that were allocated to new asset purchases, from the £35m fundraising […]
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16 Jun 2014
Picton Property Income : PCTN - results
Picton Property Income has published results for the year that ended on 31 March 2014. Over the year its net asset value rose from 49p to 56p. Dividends paid fell from 3.5p to 3.0p. The total return on net asset for the year was 21.6% but the total return to shareholders was 50.2% as the company’s […]
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07 Apr 2014
Picton Property : PCTN - acquisition
Picton Property has announced that it is buying a 335,000 square feet distribution warehouse in Grantham, Lincolnshire for £11.48m. The property produces a rent of c£3 per square foot (£1m per annum) and it is secured against The Random House Group (the publisher).
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25 Mar 2014
Picton Property : PCTN and SEGRO : SRGO - asset swap
Picton Property has swapped its investment in Magna Park, Lutterworth for SEGRO’s investment in Parkbury industrial estate in Radlett, Hertfordshire. Picton sweetened its side of the deal by paying SEGRO an additional £6.5m Parkbury is a 32,810 sq m multi-let industrial estate located between junctions 22 and 21a of the M25 with 24 units and a net […]
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20 Feb 2014
Picton Property : PCTN - disposals
Picton Property has sold its leasehold interest in 28 Austin Friars, EC2 (pictured) and a retail property in George Street, Richmond for a combined total of £6m – Picton bought these in 2010 for £3.6m.
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22 Jan 2014
Picton Property Income : PCTN - NAV
Picton has announced that its net assets increased to £204.3m at the end of December 2013, from £180.3m at the end of September 2013 as the underlying property portfolio increased in value by 3.3% and PCTN raised £11.9m by issuing 22.2m shares at 53.5p. The EPRA NAV per share increased by 6.7% to 53.8p. PCTN […]
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18 Dec 2013
Picton Property Income : PCTN - sells two assets
Sale of two non-core assets for 15% more than their value at the end of September Picton has sold Highgrove Industrial Estate, Portsmouth and Spencers Wood near Reading for £4.89m. Picton plans to use the proceeds from this and other sales to make larger acquisitions.
