Picton Property Income is preparing to scout out new dealmaking targets when the post-pandemic investment market picks up, after a year in which the investment firm made no purchases.
“The impact of Covid-19 has in the short-term led to an almost complete shutdown in both the commercial leasing and investment markets,” said chief executive Michael Morris, noting that the company had focused on asset management projects rather than acquisitions during its latest financial year.
“As lockdown restrictions are eased and the investment market reopens, we will also be focused on future opportunities,” he added.
Picton reported a profit of £22.5m in the year to 31 March, down by almost a third from a year earlier. EPRA NAV per share was flat at 93p.
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