RNS Number : 7380S
Picton Property Income Limited
12 November 2013
 



 

 

12 November 2013                                                                              

 

Picton Property Income Limited

 

Interim Results

("Picton" or the "Company")

 

Picton (LSE: PCTN), the investment company with an income focused approach to the UK commercial property market, announces its interim results for the six month period to 30 September 2013.

 

FINANCIAL AND OPERATIONAL HIGHLIGHTS

 


Property assets*

£396.7m

£394.9m

£382.7m

Net assets

£180.3m

£180.2m

£169.4m

Rental income

£15.6m

£16.2m

£32.1m

Income profit after tax

£6.3m

£6.9m

£14.7m

Total dividend per share

1.5p

2.0p

3.5p

Dividend cover

122.3%

100.3%

121.8%

Total return

5.9%

-4.6%

-7.6%

Total shareholder return

32.1%

-7.4%

6.2%

EPRA earnings per share

1.8p

2.0p

4.3p

EPRA net asset value per share

50p

52p

49p

 

* net of lease incentives, see note 10

 

Financial

·    Total shareholder return for the period of 32.1% (30 September 2012: -7.4%)

·    Increase in EPRA net asset value to 50.4 pence per share (31 March 2013: 49.1 pence)

·    Increase in dividend cover to 122% (30 September 2012: 100%)

·    EPRA earnings per share of 1.8 pence (30 September 2012: 2.0 pence)

·    Dividends paid of £5.2 million, or 1.5 pence per share (30 September 2012: 2.0 pence)

·    £6.3 million of new equity raised in September 2013

·    Increase in net assets to £180.3 million (31 March 2013: £169.4 million)

 

Operational

·      Occupancy rate increased to 90% (31 March 2013: 88%)

·      27 lettings completed during the period securing £1.2 million per annum

·      Nine lease renewals and re-gears retaining £0.4 million per annum

·      £1.0 million invested in refurbishment projects across the portfolio

·      Additional income of £0.3 million generated in the period

·      Acquisition of Lyon Business Park in Thames Gateway for £9.5 million generating £0.6 million per annum

·      Disposal of two small assets for proceeds of £0.4 million, above 31 March 2013 valuation

 

Picton Chairman, Nicholas Thompson, commented: "This has been an important six months for Picton during which we have increased our net assets and seen a marked re-rating of the Company's shares. These now trade at a premium to net asset value and as such we have been able to raise and deploy equity effectively, which has strengthened the Balance Sheet, provided efficiencies through growth and further created opportunities within the property portfolio.

 

The conditions within the wider UK property market are now more favourable and combined with our prudent dividend policy, capital structure, low fixed cost of debt and portfolio composition means we are well positioned to build on this market momentum."

 

Chief Executive Michael Morris, commented: "We have worked hard during the last six months to drive occupancy and complete asset management initiatives, which have contributed positively to underlying value enhancement. In some instances, these have also enhanced income and created future potential within the portfolio.

 

We will continue with this approach and our focus remains on income and value growth within the portfolio. We will achieve this through understanding and working with our occupiers and identifying opportunities that exist within the portfolio and more widely within the UK market."

 

For further information:

 

Tavistock Communications

Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.uk 

 

Picton Capital Limited

Michael Morris, 020 7011 9980, michael.morris@pictoncapital.co.uk  

 

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

David Sauvarin, 01481 745001, team_picton@ntrs.com

Note to Editors:

Picton Property Income Limited ('Picton') is an income focused, property investment company listed on the London and Channel Islands Stock Exchanges. It was established in 2005 to invest both directly and indirectly in commercial property across the United Kingdom.

 

With net assets of £180.3 million at 30 September 2013 and approximately 850 investors, the Company's objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors. 

 

www.pictonproperty.co.uk

 

CHAIRMAN'S STATEMENT

 

Picton has had a very positive six months since the end of the previous financial year and is making good progress against its strategic objectives set out in the last Annual Report. We set out five priorities; namely, working more closely with our occupiers, growing net income, adding value through portfolio and asset management initiatives, operational efficiency and finally, the effective use of debt.

 

Portfolio activity, in particular the leasing of vacant space and lease restructuring, has, in many instances, led to value enhancement in our underlying assets. Our covered dividend policy is enabling retained earnings to be utilised in a number of asset refurbishment projects which will lead to further growth in both net income and capital values in the future.

 

In terms of growing net income, encouragingly we have seen considerable portfolio leasing activity which is described in the Investment Manager's Report. This has led to the elimination of a number of key voids and improved occupancy within the portfolio. We expect this activity to flow through to the results within the current financial year.

 

We are making good progress in respect of our specific occupier focused initiatives. These include creating  the 'Picton Promise': eight commitments to quality and service that underpin every aspect of our occupier experience. In addition, we have introduced an incentive programme for current occupiers to stimulate the referral of new prospects, as well as opening up access to a central London touchdown office for existing occupiers. In time, we believe that these initiatives will lead to enhanced occupancy and retention rates.

 

We have seen two consecutive quarters of capital growth in the portfolio and consequently the gearing has enhanced the underlying property return over the period. On a like-for-like basis the capital value of the portfolio increased by 1.5% over the six months, while the total return for the same period was 5.9%. Similarly, the Company's shares have seen a marked improvement in rating, having increased by some 27% since March 2013, giving rise to a shareholder return of over 32%.

 

Picton shares now trade at a small premium to net asset value. This premium allowed us to issue £6.3 million of new equity in September 2013, and to complete the purchase of Lyon Business Park in the Thames Gateway.  As the Company grows, the benefits of the internalised investment management model will become apparent as economies of scale flow through. In respect of portfolio activity, we are continuing to make progress with the disposal of our smaller assets, having made two sales totalling £400,000 as part of this strategy.

 

We are very pleased with this new acquisition made in September and the team at Picton Capital are now implementing the business plan for this asset aimed at growing income and creating value. We are confident this new property will have the look and feel of a Picton asset by the end of this calendar year.

 

We are also pleased to have received approval from shareholders, during the period, to widen the Company's investment policies to make full use of our investment management subsidiary, Picton Capital. Whilst I expect no immediate changes, it does open up a number of interesting future opportunities for Picton. I am also pleased to announce that the Company has been nominated for a number of awards over the period, and in particular we received a Silver Award from EPRA (European Public Real Estate Association) in respect of the 2013 Annual Report.

 

As a Group, we continue to operate with an occupier focused and opportunity led approach. I believe this has been demonstrated with many of the transactions undertaken recently. We have an encouraging pipeline of leasing transactions and whilst recognising that there are risks within the wider market, we remain confident about our future prospects.

 

 

 

Nicholas Thompson

Chairman

11 November 2013

 

WHO WE ARE

 

Picton Property Income Limited is an income focused, internally managed investment company which invests in commercial property across the United Kingdom.

 

The Company is listed on both the London Stock Exchange and Channel Islands' Stock Exchange and has approximately 850 investors.

 

The Company's investment objective is to provide shareholders with an attractive level of income, together with the potential for capital growth, by investing in the principal commercial property sectors.

 

The Property Portfolio

Picton has a portfolio of UK commercial property valued at £401.1 million, comprising 61 assets with around 370 occupiers. The portfolio is predominantly invested in the office and industrial sectors (70%) and is biased towards London and the South East (58%). We invest in assets where we believe there are opportunities to enhance either income or value, whilst ensuring that we continue to meet our occupiers' requirements. As at 30 September 2013, based on capital values, the sector and geographical exposure was:

 

Sector Exposure

Industrial

37.1

Office

33.0

Retail

18.8

Retail Warehouse

6.7

Leisure

4.4

Total

 

Geographical Exposure

Central and Greater London

29.8

South East

28.2

Midlands

16.3

North

14.9

Wales

5.3

South West

3.2

Scotland

1.8

Northern Ireland

0.5

Total


 

INVESTMENT MANAGER'S REPORT  

 

Economic Backdrop

In the half year to September, the outlook for the UK economy has improved. Quarterly GDP figures for the second and third quarters were positive and above the original estimates from the Office of National Statistics. Optimistic consumer and business surveys for the major sectors of services, production and construction have also helped further improve sentiment in the UK.

 

Employment between June and August was 71.7% compared with the period December to February 2013 which recorded 71.4%. However, according to the Lloyds Business Consumer Barometer, more than two fifths of companies expect to increase staff levels over the next year.

 

Lending to businesses has continued to contract with the annual rate of growth remaining negative for the fourth consecutive year. In the three months to August 2013, lending to businesses fell by £2.3 billion compared with a fall of £4.5 billion in the three months to May 2013, according to the Bank of England Trends in Lending Report. New schemes to kick start lending by the Government, such as the Funding for Lending scheme, have not had a significant impact on small and medium sized businesses, as had been intended.

 

The Bank of England expects the inflation rate to remain close to 3% in the near term, and has also indicated that there will be no immediate change to base rates and that the unemployment rate will need to fall from its current measure of 7.7% to 7.0%, before rates are moved up.

 

 

Property Market

Property market conditions more generally appear to be improving over the course of 2013. After 18 months of negative capital movements, the IPD Monthly Index turned positive in May. In September 2013 28 IPD segments recorded positive capital growth, compared with only four in March.

 

Net new lending to commercial property continues to fall quarter on quarter. Official figures from the Bank of England showed net new lending to property in the third quarter of 2013 was minus £3.5 billion and in the second quarter was minus £2.0 billion. Net new lending has therefore fallen by £5.5 billion over these two quarters. These figures exclude lending from pension funds and insurance companies, who have shown a growing interest in lending to the sector.

 

According to Property Archive, total investment activity in commercial property in the six months to September 2013 totalled approximately £24.4 billion, compared with the six months to March 2013 which totalled £19.2 billion.

 

The Investment Management Association reported total net sales of property funds in the second quarter of 2013 totalling £350 million, more than triple the £97 million recorded in the first quarter of 2013, bringing the total for the six months to £447 million, which is more than double total net sales for the whole of 2012.

 

IPD

The IPD Monthly Index showed All Property returns delivered 4.8% in the six months to September. The income return was 3.4% and capital growth was 1.4%. Capital growth improved from minus 1.7% in the six months to March to plus 1.4% in the six months to September. The rental growth index rose by 0.3% in the six months to September compared with the six months to March where it fell by 0.2%. This increase was due to a modest rise in industrial and office rents and marked improvements in some regional markets, which turned positive over the half year.

 

Office market

Offices continue to perform well in terms of total returns. In the six months to September, office total returns were 6.2%, of which capital growth contributed 3.0% and income return 3.1%. Overall office returns outpaced both retail and industrial property, driven by the impact of central London.

 

Office sector capital growth, by geographic region, ranged from plus 5.6% for Mid-town and West End to minus 3.5% for South West offices. Office rents grew by 1.5% in the half year to September.

London and South East offices have been the primary driver of positive returns in the sector. The rate of capital decline has slowed for the South East office market. A rise in business confidence, positive PMI indicator results and a pick up in space taken by occupiers has improved since the start of the year. The strong sentiment surrounding the South East office market has started to show through in the IPD index, with positive capital growth for the South East office market month on month since June 2013.

 

The occupancy rate for the office market in September was 83.5%, up from 82.2% in March 2013.

 

Industrial market

A pick up in economic conditions and a rise in demand for prime distribution and industrial space has led to this sector providing the second best sector return in the period. Industrial total returns were 6.1% in the six months to September; income return contributed 3.9% and capital growth 2.1%.

 

Over the six months, capital growth was positive for all industrial sub-sectors and ranged from 3.4% for London to 0.6% for the North and Scotland. Rental growth across the sector was mostly positive, the strongest sub-sector was Midlands and Wales at 0.6%, marginally outperforming London, in the period. South West industrial recorded the weakest rental growth at minus 0.7%.

 

The occupancy rate for the industrial market at the end of September was 88.9% compared to 88.2% in March.

 

Retail market

Total returns for retail were 3.4% over the period, driven by an income return of 3.3% and 0.1% capital growth. Returns were driven by central London capital growth which grew by 4.7%. The weakest returns were recorded in Wales Standard Retail, which fell by 3.3%.

 

Retail rents in the six months to September fell by 0.6%, making this the weakest performing sector. Geographically, only Central London and Rest of London Standard Retail have seen a positive rise in rental growth (of 0.8% and 0.4% respectively) in the last six months. The weakest performing sub-sector over the same period was East Midlands Standard Retail, which fell by 1.9%.

 

The occupancy rate for the retail market at the end of September was 93.9%, compared with 92.8% in March.

 

 

PORTFOLIO REVIEW

 

At 30 September 2013, the portfolio comprised 61 assets valued at £401.1 million. The estimated rental value of the portfolio was £33.8 million, with a net reversionary yield of 8.0%.

 

Sector

Industrial

149.0

2,258,000

12.4

19

Office

132.2

880,000

10.0

22

Retail & retail warehouse

102.0

384,000

6.9

17

Leisure

17.9

N/A

1.5

3

Total Portfolio

 

Annual income above is the cash rent passing at the Balance Sheet date and therefore excludes leases in rent free periods. At 30 September 2013 a further £2.2 million of annual income was in rent free periods.

As at 30 September 2013, based as a percentage of current annual rent, the average length of the leases to the first termination was 6.7 years.  A further breakdown is summarised as follows:

 

Years

Up to 5

63.4

5 to 10

22.4

10 to 15

4.7

15 to 25

6.8

25 and over

2.7

Total

 

Review of half year to September 2013

Our core focus remains enhancing both income and value within the property portfolio. This is achieved through maintaining and growing income, reducing costs and completing business plans to add value through active management. Often there is a balance to be struck between short term income loss and longer term value and our strong dividend cover gives us the operational flexibility to achieve this.

 

In the six months to September, we have seen an improvement in enquiries for our vacant properties that have translated into us concluding 27 lettings, adding £1.2 million per annum following incentives, and renewing or re-gearing nine leases securing more than £400,000 per annum.

 

One occupier break option was removed securing £248,000 per annum and four leases were surrendered for a combined premium of £60,000 to facilitate asset management initiatives. Planning permission for residential use was secured at Stanford House, Covent Garden following the period end. We also have a planning application approved in respect of the ground floor of our Southampton property securing a higher value retail consent from the existing office use.

 

We are on site or working up refurbishment schemes at various properties, including four of our five largest voids, in order to create modern, attractive space.

 

On the back of the above activity, our occupancy rate has improved from 88% in March to 90% in September. We have seen a number of units returned, through lease break or expiry, and we are working to turn these round quickly for re-letting.

 

Two small properties were sold for £0.4 million and, following the equity raise, Lyon Business Park in Barking was purchased for £9.5 million in September. This is in line with our strategy to dispose of smaller non-core assets where the business plan has been completed and acquiring larger lot sizes where we see added value opportunities. 

 

Performance against Benchmark

In the six months to September 2013 the IPD Quarterly Benchmark delivered a 4.9% total return. The Group's portfolio is unrepresentative of the Benchmark, with its higher industrial exposure and lower exposure to both London offices and retail. On a total return basis the portfolio delivered 4.6% outperforming in the industrial, retail and leisure sectors, however the lower exposure to central London offices adversely impacted relative performance.

 

The combined income return for the June and September quarters was 2.8% for the IPD Benchmark, compared to 3.5% for the Picton portfolio. In terms of income return, the Picton portfolio outperformed the Benchmark in all three principal sectors for the same period.

The combined capital growth for the June and September quarters was 1.9% for the IPD Benchmark, compared to 1.1% for the Picton portfolio.

 

 

 

Office portfolio

Following the light refurbishment of two office floors at Stanford House, Covent Garden, in central London earlier in the year, we have successfully let the second and third floors at 5% above estimated rental value. The second floor has been let to an IT company, Fivium Limited, at a rent of £170,500 per annum and the third floor to a wealth management company, New Sparta Limited, at a rent of £173,000 per annum. We have also renewed the lease on the two-bedroom residential flat at this property for a rent of £40,000 per annum and, after the period end, secured planning permission for a change of use to residential, which is a higher value use.

 

At 1 Chancery Lane, London WC2, which was comprehensively refurbished at the beginning of the year, we have let the last two available floors to Clarke Wilmott LLP and Cripps Sears & Partners at a combined rent of £233,000 per annum.

 

In the regions, we are pleased to have let the last remaining suite at Atlas House in Marlow, Buckinghamshire, to Tradebe Environmental Services Limited for a 10 year term, with a five year break, at a rent of £78,000 per annum. At Merchants House in Chester, which became fully vacant in 2012, two suites have been let to Web Media 360 Limited and Korus Recruitment Group Limited, which we anticipate will lead to further lettings.

The first phase of the refurbishment of 2 & 4 Addiscombe Road in Croydon was started during the period and is progressing well. We expect this refurbishment, which will offer grade A space opposite East Croydon station, to be completed by the end of December. In Southampton we downsized an existing occupier on lease expiry onto the upper floors of our property and have received planning permission for a change of use to retail/restaurant on the ground floor, which we believe will enhance value through a higher rent being achievable on letting.

 

An occupier insolvency in Leeds resulted in a loss of £125,000 per annum of income. We are working up a scheme to refurbish and re-let this space.

 

In Swindon a unit was returned at Westlea Campus, and we are working through options for this asset.

 

The office portfolio occupancy has improved from 81% in March to 84% in September.

 

Industrial portfolio

Lyon Business Park in Barking was purchased for £9.5 million in September and we have commenced the rebranding of the estate to improve its appeal to potential occupiers of the three small vacant units.

 

The final unit at Winston Business Centre in Lancing, Sussex was sold for £65,000, completing our strategy of selling from this non-core asset estate.

 

Occupancy has improved from 92% in March to 93% in September as a result of activity detailed below.

 

The refurbishment of our largest void at Unit F1, River Way, Harlow is now substantially complete, the majority of the refurbishment being covered by the outgoing occupier's dilapidations. The unit will provide approximately 50,000 sq ft and subsequent to the period end we have put it under offer to a distribution company above the estimated rental value.

 

We have completed lettings in Warrington and at Datapoint, London E16, and, in particular, at Heron Industrial Estate in Reading, which is now fully let after two lettings in the period at a combined rent of £82,000 per annum.

 

Retail portfolio

Our retail occupancy has improved significantly over the period from 90% in March to 95% in September primarily as a result of activity in Stanford House, London WC2, which is categorised by its principal use, retail.

 

Iceland entered into a ten year reversionary lease of the supermarket in Kings Heath, Birmingham, securing a minimum of £75,000 per annum until 2028.

In Cardiff, we have let two small vacant retail units to Loans 2 Go Limited for £17,000 per annum on a five year lease, subject to a break, and Duncan Lewis Solicitors for £12,000 per annum, also on a five year lease, subject to a break. We have one remaining retail unit to let at this property.

 

The retail unit at 3 Lower Borough Walls in Bath was sold for £355,000, 1.5% above valuation, and in line with our strategy to sell non-core assets where the business plan has been completed.

 

Leisure portfolio

Our leisure occupancy rate has reduced from 94% in March to 88% in September as a result of two occupier insolvencies. We now have two vacant units at Regency Wharf, in Birmingham and there has been a good level of interest to date, assisted by the recent addition of new estate signage and lighting.

 

 

FINANCIAL REVIEW

Net asset value

EPRA net assets at 30 September 2013 were £180.3 million, an increase of £10.9 million or 6.4% over the last six months. The increase is due to three factors:

 

·      New ordinary shares were issued, raising £6.3 million

·      The property portfolio increased in value by £3.4 million, or 1.5% on a like-for-like basis

·      The income profit for the period, less dividends paid, contributed a further £1.2 million to the net asset value.

The EPRA net asset value per share rose from 49 pence to 50 pence over the period as a result.

Income Statement

The Group's profit after tax for the period was £9.7 million, comprising an income profit of £6.3 million and gains on investments of £3.4 million. The equivalent result for the previous period to 30 September 2012 was a loss of £9.0 million. The change is principally arising from positive valuation movements in this period, whereas throughout 2012 there were capital value declines across the commercial property market.

Rents receivable for the period were £15.6 million, slightly down from the 2012 period of £16.2 million. This reflects the increasing vacancy rate in the portfolio from the latter part of 2012 through to early 2013, although there has been some significant leasing activity in the portfolio during the current period, as discussed in the Portfolio Review. We expect this to positively impact the Group's results over a longer timescale.

Similarly property operating costs have increased to £1.2 million from £0.8 million from the 2012 level. The current period includes refurbishment costs which will generate additional income in future periods.

Operating expenses are in line with 2012, at £1.5 million for the six months. Management expenses have increased by £0.3 million to £1.0 million for the period, which is due to two main factors:

 

·      A full staff complement in 2013 compared to 2012

·      Provisions for staff annual bonus payments have been accrued, including Long Term Incentive Plan awards, which are linked to the Group's share price.

 

Dividends

The Group paid two dividends during the period, of 0.75 pence per share, totalling £5.2 million. Dividend cover for the period was 122%, compared to 100% for the previous period in 2012 which is a reflection of the more prudent distribution policy introduced in November 2012. The Group's dividend yield, based on the closing share price at 30 September of 51.25 pence, was 5.9%.

 

Balance Sheet

Investment properties moved to £396.7 million at 30 September, up from the reported figure of £382.7 million in the 2013 Annual Report. This increase arises from the uplift in portfolio capital values of £3.4 million, as noted above, together with the acquisition of Lyon Business Park towards the end of the period for £10.0 million including costs, and capital expenditure incurred of £1.0 million. Two small assets were sold during the period, raising £0.4 million.

 

Borrowings remained largely unchanged from the reported 31 March balance, at £233.7 million, representing a Loan to Value ratio of 53.5%. The increased portfolio value has led this to decrease from 54.5% as stated in the last Annual Report.

The Group issued 12.3 million new ordinary shares on 5 September 2013, raising £6.3 million. These shares were issued at 51.5 pence per share, representing a premium to the Group's net asset value.

 

OUTLOOK

 

Across the wider market, we have started to see a stabilisation in values over the course of 2013, and a small element of capital appreciation. Whilst this remains biased towards London, there also appears to be more confidence outside London, where pricing is significantly lower. Occupier activity is encouraging and within our own portfolio we have a healthy pipeline of leasing transactions.

 

Set against this backdrop, the Company is well placed. Our level of gearing has enhanced the growth in net assets and our financing, put in place 12 months ago, in hindsight, looks very attractive. Our covered dividend enables us to invest surplus net income into asset management initiatives and so provide space that meets the needs of occupiers. 

 

We are already starting to see improved occupancy and we believe this will in due course lead to income growth. Similarly, this allows us to consider transactions that may have more impact on value generating stronger total returns and improving the quality of the portfolio, rather than providing short term income.

 

We look forward to continuing the momentum of the last six months.

 

 

Picton Capital Limited

11 November 2013

 

Property Portfolio as at 30 September 2013

 

Properties valued in excess of £20 million

Sector

River Way Industrial Estate, Harlow, Essex

Industrial

Unit 5320, Magna Park, Lutterworth, Leics.

Industrial

Stanford House, 12-14 Long Acre, London WC2

Retail



Properties valued between £15 million and £20 million


50 Farringdon Road, London EC1

Office

Angel Gate Office Village, City Road, London EC1

Office

Boundary House, Jewry Street, London EC3

Office

Parc Tawe, Phase II, Link Road, Swansea

Retail



Properties valued between £10 million and £15 million


1-3 Chancery Lane, London WC2

Office

Colchester Business Park, The Crescent, Colchester, Essex

Office

Angouleme Way Retail Park, Bury, Greater Manchester

Retail



Properties valued between £5 million and £10 million


Vigo 250, Birtley Road, Washington, Tyne and Wear

Industrial

Lyon Business Park, River Road, Barking, Essex

Industrial

Unit 3220, Magna Park, Lutterworth, Leics.

Industrial

Units 1-13 Dencora Way, Sundon Park, Luton, Beds.

Industrial

Nonsuch Industrial Estate, 1-25 Kiln Lane, Epsom, Surrey

Industrial

Datapoint Business Centre, Cody Road, London E16

Industrial

The Business Centre, Molly Millars Lane, Wokingham, Berks.

Industrial

Lawson Mardon Buildings, Kettlestring Lane, York

Industrial

Haynes Way, Swift Valley Industrial Estate, Rugby, Warwickshire

Industrial

2 & 4 Addiscombe Road, Croydon

Office

401 Grafton Gate East, Milton Keynes, Bucks.

Office

Northampton Business Park, 800 Pavilion Drive, Northampton

Office

L'Avenir, Opladen Way, Westwick, Bracknell, Berks.

Office

56 Castle Street, 2/12 English Street and 12-21 St Cuthberts Lane, Carlisle, Cumbria

Retail

53/55/57 Broadmead, Bristol

Retail

17/19 Fishergate, Preston

Retail

Scots Corner, High Street/Institute Road, Birmingham

Retail

78-80 Briggate, Leeds

Retail

Strathmore Hotel, Arndale Centre, Luton, Beds.

Leisure

Regency Wharf, Broad Street, Birmingham

Leisure



 



 

Properties valued under £5 million

Sector

Western Industrial Estate, Downmill Road, Bracknell, Berks.

Industrial

Heron Industrial Estate, Spencers Wood, Reading

Industrial

Easter Court, Gemini Park, Warrington

Industrial

Middleton Trade Park, Oldham Road, Manchester

Industrial

Magnet Trade Centre, Winnersh, Reading

Industrial

Abbey Business Park, Mill Road, Newtownabbey, Belfast

Industrial

Highgrove Industrial Estate, Quatremaine Road, Portsmouth

Industrial

Manchester Road/Drury Lane, Oldham, Lancs.

Industrial

Longcross Court, Newport Road, Cardiff

Office

Queens House, 19/29 St Vincent Place, Glasgow

Office

Trident House, 42/48 Victoria Street, St Albans, Herts.

Office

28 Austin Friars, London EC2

Office

Waterside Park, Longshot Lane, Bracknell, Berks.

Office

Westlea Campus, Chelmsford Road, Swindon, Wilts.

Office

Atlas House, Third Avenue, Globe Park, Marlow, Bucks.

Office

Sentinel House, Ancells Business Park, Fleet, Hants.

Office

Waterside House, Kirkstall Road, Leeds

Office

Merchants House, Crook Street, Chester

Office

8-9 College Place, Southampton

Office

Marshall Building,122-124 Donegall Street, Belfast

Office

The Cloisters, Orchard Street, Dartford

Office

72/78 Murraygate, Dundee

Retail

123 High Street, Guildford, Surrey

Retail

Units 1-3, 18/28 Victoria Lane, Huddersfield, West Yorks.

Retail

6/12 Parliament Row, Hanley, Worcs.

Retail

7 & 9 Warren Street, Stockport

Retail

2 Bath Street, Bath

Retail

2/2a George Street, Richmond

Retail

113 High Street, Sutton

Retail

6 Argyle Street, Bath

Retail

Thistle Hotel, Unit 1 & Le Pavilion, Brighton

Leisure

 

 

Statement of Principal Risks and Uncertainties

The Company's assets comprise direct investments in UK commercial property.  Its principal risks are therefore related to the commercial property market in general and its investment properties. Other risks faced by the Company include economic, investment and strategic, regulatory, management and control, operational, and financial risks. These risks, and the way in which they are managed, are described in more detail under the heading 'Risk Management' within the Directors' Report in the Company's Annual Report for the year ended 31 March 2013. The Company's principal risks and uncertainties have not changed materially since the date of that report.

 

Statement of Directors' Responsibilities in Respect of the Interim Report

We confirm that to the best of our knowledge:

 

a)   the condensed set of consolidated financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

 

b)   the Chairman's Statement and Investment Manager's Report (together constituting the Interim Management Report) together with the Statement of Principal Risks and Uncertainties above include a fair review of the information required by the Disclosure and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year, a description of principal risks and uncertainties for the remaining six months of the year, and their impact on the condensed set of consolidated financial statements; and

 

c)   the Chairman's Statement together with the condensed set of consolidated financial statements include a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last Annual Report that could do so.

 

 

 

By Order of the Board

 

 

 

 

Trevor Ash

Director

11 November 2013

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the period from 1 April 2013 to 30 September 2013





6 months ended  30 September 2013

unaudited

 

6 months ended 30 September 2012

unaudited

Year ended

31 March 2013

audited

 


Income

Capital

Total

Total

Total



£000

£000

£000

£000

£000








Income







Revenue from properties

3

18,309

-

18,309

18,689

38,812

Property expenses

4

(4,747)

-

(4,747)

(4,064)

(8,989)

Net property income

13,562

-

13,562

14,625

29,823








Expenses







Management expenses                           

6

(1,015)

-

(1,015)

(687)

(1,682)

Other operating expenses

7

(530)

-

(530)

(866)

(1,592)

Total operating expenses

(1,545)

-

(1,545)

(1,553)

(3,274)








Operating profit before movement on investments


12,017

-

12,017

13,072

26,549








Gains and (losses) on investments







Loss on disposal of investment properties

10

-

(4)

(4)

-

(4)

Investment property valuation movements

10

-

3,413

3,413

(17,509)

(30,937)

Total gains and (losses) on investments

-

3,409

3,409

(17,509)

(30,941)








Operating profit/(loss)

12,017

3,409

15,426

(4,437)

(4,392)








Financing







Interest receivable


69

-

69

56

114

Interest payable


(5,557)

-

(5,557)

(6,076)

(11,674)

Realised gains on disposal of derivative financial instruments


-

-

-

1,617

1,617

Total finance costs


(5,488)

-

(5,488)

(4,403)

(9,943)








Profit/(loss) before tax

6,529

3,409

9,938

(8,840)

(14,335)








Tax


(194)

-

(194)

(123)

(272)








Total comprehensive income/(loss)

6,335

3,409

9,744

(8,963)

(14,607)








Earnings/(loss) per share







Basic and diluted

9

1.8p

1.0p

2.8p

(2.6)p

(4.2) p

 

The total column of this statement represents the Group's Condensed Consolidated Statement of Comprehensive Income. The supplementary income return and capital return columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. 

 

All income is attributable to the equity holders of the Company.  There are no minority interests. Notes 1 to 16 form part of these condensed consolidated financial statements.

 



 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

For the period from 1 April 2013 to 30 September 2013

 


Share Capital

Retained Earnings

Total

 


£000

£000

£000

 





 

Balance as at 31

March 2012

 

39,149

 

156,961

 

196,110

 






Loss for the period


-

(8,963)

(8,963)


Dividends paid

8

-

(6,907)

(6,907)







Balance as at 30 September 2012

39,149

141,091

180,240







Loss for the period

-

(5,644)

(5,644)


Dividends paid

8

-

(5,180)

(5,180)







Balance as at 31

March 2013

39,149

130,267

169,416







Issue of ordinary shares

6,324

-

6,324


Profit for the period

-

9,744

9,744


Dividends paid

8

-

(5,180)

(5,180)







Balance as at 30

September  2013

45,473

134,831

180,304












 

Notes 1 to 16 form part of these condensed consolidated financial statements.

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

As at 30 September 2013

 







30 September 2013

30 September

2012

31 March

2013


unaudited

£000

 

unaudited

£000

 

audited

£000

 

Non-current assets





Investment properties

10

396,708

394,891

382,729

Tangible assets


162

112

170

Accounts receivable


4,281

-

4,518

Total non-current assets


401,151

395,003

387,417






Current assets





Accounts receivable


9,749

12,248

7,945

Cash and cash equivalents


19,210

31,960

22,906

Total current assets


28,959

44,208

30,851






Total assets


430,110

439,211

418,268






Current liabilities





Accounts payable and accruals


(14,232)

(15,030)

(13,620)

Loans and borrowings

11

(3,010)

(33,959)

(2,999)

Obligations under finance leases


(107)

(106)

(108)

Total current liabilities


(17,349)

(49,095)

(16,727)






Non-current liabilities





Loans and borrowings

11

(230,733)

(208,149)

(230,401)

Obligations under finance leases


(1,724)

(1,727)

(1,724)

Total non-current liabilities


(232,457)

(209,876)

(232,125)






Total liabilities


(249,806)

(258,971)

(248,852)






Net assets


180,304

180,240

169,416






Equity





Share capital

12

45,473

39,149

39,149

Retained earnings


134,831

141,091

130,267






Total equity


180,304

180,240

169,416






Net asset value per share

14

£0.50

£0.52

£0.49

 

 

These condensed consolidated financial statements were approved by the Board of Directors on 11 November 2013 and signed on its behalf by:

 

 

 

 

Trevor Ash

Director

 

 

Notes 1 to 16 form part of these condensed consolidated financial statements.

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

For the period from 1 April 2013 to 30 September 2013

 






6 months ended  30 September 2013

unaudited

6 months ended 30 September  2012

unaudited

Year

ended

31 March

2013

audited


£000

£000

£000





Operating activities





Operating profit/(loss)


15,426

(4,437)

(4,392)

Adjustments for non-cash items

13

(4,795)

14,813

27,662

Interest received


69

56

114

Interest paid


(4,479)

(4,506)

(8,887)

Tax expense


(7)

-

(7)

Cash inflows from operating activities

6,214

5,926

14,490






Investing activities





Purchase of investment properties

10

(10,002)

-

-

Capital expenditure on investment properties

10

(960)

(656)

(1,998)

Disposal of investment properties

10

392

-

72

Purchase of tangible assets


(15)

(7)

(83)

Cash outflows from investing activities

(10,585)

(663)

(2,009)






Financing activities





Borrowings repaid


(469)

(199,314)

(230,888)

Borrowings drawn


-

209,047

231,047

Financing costs


-

(3,756)

(5,275)

Termination of derivatives


-

(3,488)

(3,487)

Issue of equity

12

6,337

-

-

Equity issue costs


(13)

-

-

Dividends paid

8

(5,180)

(6,907)

(12,087)

Cash inflows/(outflows) from financing activities

675

(4,418)

(20,690)






Net (decrease)/increase in cash and cash equivalents

(3,696)

845

(8,209)






Cash and cash equivalents at beginning of period/year


22,906

31,115

31,115






Cash and cash equivalents at end of period/year


19,210

31,960

22,906

 

 

Notes 1 to 16 form part of these condensed consolidated financial statements.

 

 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD FROM 1 APRIL 2013 TO 30 SEPTEMBER 2013

 

1.      General information

Picton Property Income Limited (the "Company" and together with its subsidiaries the "Group") was registered on 15 September 2005 as a closed ended Guernsey investment company.

 

The financial statements are prepared for the period from 1 April to 30 September 2013, with unaudited comparatives for the period from 1 April to 30 September 2012.  Comparatives are also provided from the audited financial statements for the year ended 31 March 2013.

 

The financial information for the year ended 31 March 2013 is derived from the financial statements delivered to the UK Listing Authority and does not constitute statutory accounts.

 

2.      Significant accounting policies

These financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Company as at and for the year ended 31 March 2013.

 

The accounting policies applied by the Company in these financial statements are the same as those applied by the Company in its financial statements as at and for the year ended 31 March 2013, with the exception of the following which have had no effect on the financial statements:

 

·    IFRS 10 Consolidated Financial Statements, effective for accounting periods beginning on or after 1 January 2013. IFRS 10 establishes a single control model that applies to all entities including special purpose entities. The changes introduced require management to focus on whether power exists over an entity, the exposure or right to variable returns from its involvement with that entity and its ability to use its power to affect those returns. In particular, IFRS 10 requires the consolidation of entities it controls on the basis of de facto circumstances. In accordance with IFRS 10, management have reassessed the relationship between entities. Notwithstanding the above, the adoption of IFRS 10 had no impact on the Group.

 

·    IFRS 13 Fair Value Measurement, effective for accounting periods beginning on or after 1 January 2013. IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted by other IFRSs. In accordance with the provisions of IFRS, management has applied the new fair value measurement guidance prospectively. Notwithstanding the above, the change had no significant impact on the measurements of the Group's assets and liabilities.

 

The annual financial statements of the Company are prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the IASB. There have been no significant changes to management judgement and estimates.

 

 

 

 

 

 

 

3.       Revenue from properties


6 months ended 30 September 2013

6 months ended 30 September 2012

Year

ended

31 March

2013


£000

£000

£000

Rents receivable (adjusted for lease incentives)

15,553

16,199

32,125

Surrender premium

60

82

702

Dilapidation receipts

195

225

1,039

Other income

59

3

59

Service charge income

2,442

2,180

4,887


18,309

18,689

38,812

 

Rents receivable includes lease incentives recognised of £0.7 million (30 September 2012: £0.3 million, 31 March 2013: £1.0 million).

 

4.       Property expenses


6 months ended 30 September 2013

6 months ended 30 September 2012

Year

ended

31 March

2013


£000

£000

£000

Property operating expenses

1,190

753

2,426

Property void costs

1,115

1,131

1,676

Recoverable service charge costs

2,442

2,180

4,887


4,747

4,064

8,989

 

5.      Operating segments

The Directors are of the opinion that the Group, through its subsidiary undertakings, operates in one reportable industry segment, namely real estate investment, and across one primary geographical area, namely the United Kingdom, and therefore no segmental reporting is required. The portfolio consists of 61 commercial properties, which are in the office, industrial, retail, retail warehouse, and leisure sectors. A more detailed breakdown is included within the Investment Manager's Report.

 

6.       Management expenses


6 months ended 30 September 2013

6 months ended 30 September 2012

Year

ended

31 March

2013


£000

£000

£000

Staff costs

753

485

1,194

Other management costs

262

202

488


1,015

687

1,682

 

The Investment Manager for the Group is Picton Capital Limited, a wholly owned subsidiary company. The above staff and other management costs are those of Picton Capital Limited during the period.

 

 

 

 

 

7.       Other operating expenses


6 months ended 30 September 2013

6 months ended 30 September 2012

Year

ended

31 March

2013

Recurring costs

£000

£000

£000

Valuation expenses

34

93

157

Administrator fees

94

105

221

Auditor's remuneration

63

63

170

Directors' fees

101

101

194

Other expenses

238

255

625


530

617

1,367

Exceptional costs




Debt servicing costs

-

249

163

Other exceptional costs

-

-

62


-

249

225


530

866

1,592

 

8.       Dividends


6 months ended 30 September 2013

6 months ended 30 September 2012

Year

ended

31 March

2013

Declared and paid:

£000

£000

£000

Interim dividend for the period ended 31 March 2012: 1 pence

-

3,453

3,453

Interim dividend for the period ended 30 June 2012: 1 pence

-

3,454

3,454

Interim dividend for the period ended 30 September 2012: 0.75 pence

-

-

2,590

Interim dividend for the period ended 31 December 2012: 0.75 pence

-

-

2,590

Interim dividend for the period ended 31 March 2013: 0.75 pence

2,590

-

-

Interim dividend for the period ended 30 June 2013: 0.75 pence

2,590

-

-


5,180

6,907

12,087

 

The interim dividend of 0.75 pence per ordinary share in respect of the period ended 30 September 2013 has not been recognised as a liability as it was declared after the period end.  A dividend of £2,682,000 will be paid on 29 November 2013.

 

9.       Earnings per share

Basic earnings per share is calculated by dividing the net profit for the period attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares in issue during the period. The following reflects the profit and share data used in the basic and diluted profit per share calculation: 


6 months ended 30 September 2013

6 months ended 30 September 2012

Year

ended

31 March

2013

Net profit/(loss) attributable to ordinary shareholders of the Company from continuing operations (£000)

9,744

(8,963)

(14,607)





Weighted average number of ordinary shares for basic and diluted profit/(loss) per share

347,084,396

345,336,118

345,336,118

 

 

 

10.     Investment properties


6 months

ended 30

September

2013

6 months ended 30 September 2012

Year

ended

31 March

2013


£000

£000

£000

Carrying value at start of period

382,729

411,744

411,744

Acquisitions

10,002

-

-

Capital expenditure on investment properties

960

656

1,998

Disposals

(392)

-

(72)

Realised losses on disposal

(4)

-

(4)

Change in fair value

3,413

(17,509)

(30,937)

Carrying value at the end of the period

396,708

394,891

382,729





Historic cost at the end of the period

559,720

547,901

549,167

           

The carrying value of investment properties reconciles to the Appraised Value as follows:

 


30 September

2013

30 September

2012

31 March

 2013


£000

£000

£000

Appraised value

401,140

398,005

386,391

Valuation of assets held under finance leases

1,406

1,293

1,483

Lease incentives held as debtors

(5,838)

(4,407)

(5,145)

Carrying value at the end of the period

396,708

394,891

382,729

 

The investment properties were valued by CBRE Limited, Chartered Surveyors, as at 30 September 2013 and at 31 March 2013, and by Jones Lang LaSalle Limited and CBRE Limited as at 30 September 2012, on the basis of Market Value in accordance with RICS Valuation Standards.

 

The Group's borrowings (note 11) are secured by a first ranking fixed charge over the majority of investment properties held.

 

Rental income and property expenses arise from the properties shown above.

 

11.     Loans and borrowings  

 


Maturity

30 September 2013

30 September

2012

31 March

2013

Current


£000

£000

  £000

Secured loan facility

-

948

898

927

Unsecured loan stock

-

2,062

2,092

2,072

Zero dividend preference shares

31 October 2012

-

30,969

-



3,010

33,959

2,999

Non-current





Secured loan facility

20 July 2022

33,718

33,718

33,718

Secured loan facility

24 July 2027

80,000

80,000

80,000

Secured loan facility

24 July 2032

93,483

94,431

93,963

Zero dividend preference shares

15 October 2016

23,532

-

22,720



230,733

208,149

230,401








233,743

242,108

233,400

 

 

 

11.     Loans and borrowings (continued)

The Group has a loan with Canada Life Limited for £113.7 million, which was fully drawn on 24 July 2012. The loan is for a term of 15 years, with £33.7 million repayable on the tenth anniversary of drawdown. Interest is fixed at 4.08% over the life of the loan. The loan agreement has a loan to value covenant of 65% and an interest cover test of 1.75. The loan is secured over the Group's properties held by Picton No 2 Limited Partnership and Picton UK Real Estate Trust (Property) No 2 Limited.

 

Additionally the Group has a term loan facility agreement with Aviva Commercial Finance Limited for £95.3 million, which was fully drawn on 24 July 2012. The loan is for a term of 20 years, with approximately one third repayable over the life of the loan in accordance with a scheduled amortisation profile. The Group has repaid £0.9 million since issue. Interest on the loan is fixed at 4.38% over the life of the loan. The facility has a loan to value covenant of 65% and a debt service cover ratio of 1.4. The facility is secured over the Group's properties held by Picton No 3 Limited Partnership, Picton Property No 3 Limited and the Jersey Property Unit Trusts.

 

On 15 October 2012 the Group issued 22,000,000 zero dividend preference shares ('ZDPs') at a price of 100 pence per share and with a maturity date of 15 October 2016. The ZDPs accrue additional capital at a rate of 7.25% per annum, resulting in a final capital entitlement at maturity of 132.3 pence per share. The ZDPs do not receive any dividends or income distributions, and are listed on the London Stock Exchange. The ZDPs have been issued by Picton ZDP Limited, a wholly owned subsidiary company.

 

The Group's unsecured loan stock pays interest at 0.5% above six month LIBOR. The loan stock is repayable at the request of the holders on 31 March and 30 September each year. The Group also has the option to repay the loan stock at any time by giving four months notice.

 

The weighted average interest rate on the Group's borrowings as at 30 September was 4.49% (30 September 2012: 4.53%, 31 March 2013: 4.49%).

 

12.    Ordinary share capital

The Company has 357,641,303 ordinary shares in issue of no par value (30 September 2012 and 31 March 2013: 345,336,118).

 

During the period the Company issued 12,305,185 new ordinary shares of no par value at 51.5 pence per share for cash. The consideration received net of expenses has been credited to the share premium account.

 

The balance on the Company's share premium account as at 30 September 2013 was £45,473,000 (30 September 2012 and 31 March 2013: £39,149,000).

 

13.     Adjustment for non-cash movements in the cash flow statement

 


6 months

ended 30

September

2013

6 months

ended 30

September

2012

Year

ended

31 March

2013


£000

£000

£000

Loss on disposal of investment properties

4

-

4

Investment property valuation movements

(3,413)

17,509

30,937

Depreciation of tangible assets

24

14

32

(Increase)/ decrease in receivables

(1,804)

(1,643)

(1,379)

Increase/ (decrease) in payables

394

(1,067)

(1,932)


(4,795)

14,813

27,662

 

 

 

 

 

 

 

 

 

14.     Net asset value

The net asset value per ordinary share is based on net assets at the period end and 357,641,303 (30 September 2012 and 31 March 2013: 345,336,118) ordinary shares, being the number of ordinary shares in issue at the period end.

 

At 30 September 2013, the Company had a net asset value per ordinary share of £0.50 (30 September 2012: £0.52, 31 March 2013: £0.49). 

 

15.     Related party transactions

The total fees earned during the period by the five Directors of the Company were £101,000 (30 September 2012: £101,000 and 31 March 2013: £194,000). As at 30 September 2013 the Group owed £nil to the Directors (30 September 2012 and 31 March 2013: £nil).

 

Picton Property Income Limited has no controlling parties.

 

16.     Events after the balance sheet date

A dividend of £2,682,000 (0.75 pence per share) was approved by the Board on 21 October 2013 and payable on 29 November 2013.

 

The Group acquired a further unit at Angel Gate Office Village, London EC1, on 9 October 2013 for a consideration of £975,000.

 

 

 

 

INDEPENDENT REVIEW REPORT TO PICTON PROPERTY INCOME LIMITED (The "Company")

 

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the Interim Report for the six months ended 30 September 2013 which comprises the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Balance Sheet, the Condensed Consolidated Cash Flow Statement and the related explanatory notes. We have read the other information contained in the Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.

 

Directors' responsibilities

The Interim Report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Report in accordance with the DTR of the UK FCA.

 

As disclosed in note 2, the annual financial statements of the Company are prepared in accordance with International Financial Reporting Standards. The condensed set of financial statements included in this Interim Report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.

 

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Interim Report based on our review.

 

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the Interim Report for the six months ended 30 September 2013 is not prepared, in all material respects, in accordance with IAS 34 and the DTR of the UK FCA.

 

 

 

KPMG Channel Islands Limited

Chartered Accountants

Guernsey

11 November 2013

 

SHAREHOLDER INFORMATION

 

Shareholder enquiries

 

All enquiries relating to holdings in Picton Property Income Limited, including notification of change of address, queries regarding dividend/interest payments or the loss of a certificate, should be addressed to the Company's registrars.

 

Directors

Nicholas Thompson (Chairman)

Trevor Ash

Vic Holmes

Roger Lewis

Robert Sinclair

 

Registered Office

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL 

Registered Number: 43673

 

Registrar

Computershare Investor Services (Guernsey) Limited

NatWest House

Le Truchet

St Peter Port    

Guernsey

GY1 1WD

 

Website

Picton has a corporate website which has further information about the Group and the property portfolio at: www.pictonproperty.co.uk

 

 

Administrator and Secretary

Northern Trust International Fund Administration  

Services (Guernsey) Limited      

PO Box 255

Trafalgar Court  

Les Banques    

St Peter Port    

Guernsey

GY1 3QL

 

Contact: David Sauvarin

T: 01481 745 001 

E: team_picton@ntrs.com

 

Investment Manager

Picton Capital Limited

28 Austin Friars

London

EC2N 2QQ

 

E: enquiries@pictoncapital.co.uk

 

Media

Tavistock Communications

131 Finsbury Pavement

London

EC2A 1NT

 

Contact: James Verstringhe

T:020 7920 3150

E: jverstringhe@tavistock.co.uk

 

 

 

Auditor

KPMG Channel Islands Limited

20 New Street

St Peter Port

Guernsey

GY1 4AN

 

Property Valuer

CBRE Limited

Henrietta House

Henrietta Place

London

W1G 0NB

 

Corporate Brokers

JP Morgan Securities Limited

25 Bank Street

London

E14 5JP

 

Oriel Securities Limited

150 Cheapside

London

EC2V 6ET

 

Tax Adviser

Deloitte LLP

Hill House

1 Little New Street

London

EC4A 3TR

 

 

 

Solicitors to the Group:

 

As to English Law

Norton Rose Fulbright LLP

3 More London Riverside
London

SE1 2AQ

 

Freshfields Bruckhaus Deringer LLP

65 Fleet Street 

London

EC4Y 1HS

 

As to Guernsey Law

Carey Olsen

PO Box 98
Carey House
Les Banques
St Peter Port
Guernsey
GY1 4BZ

 

 


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