Accretive reinvestment
Picton’s strategic objective is to grow both its asset base and income stream. It actively manages its portfolio and during FY17 and the early months of the current year completed the sale of £62m of non-core assets at prices above book value, reducing central London office exposure and reducing debt. The £23.15m acquisition of a Grade A office building in Bristol with significant potential from the letting of recently refurbished vacant space and rent reversion, meets the company’s strategic objectives and further rebalances the portfolio geographically. We have increased our EPRA EPS estimates by c 1% for FY18 and c 4% for FY19.Picton Property Income is an internally managed property investment company which invests in commercial property throughout the U.K. As of Mar 31 2017, Co.'s property portfolio consisted of 53 assets and was invested in the industrial, office, retail, retail warehouse and leisure sectors.
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