Governance
Financial Statements
Additional Information
Strategic Report
12. Investments in subsidiaries The Company had the following principal subsidiaries as at 31 March 2024 and 31 March 2023: Name Place of incorporation
Ownership proportion
Picton UK Real Estate Trust (Property) Limited
Guernsey Guernsey Guernsey Guernsey Guernsey Guernsey Guernsey
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Picton (UK) REIT (SPV) Limited Picton (UK) Listed Real Estate
Picton UK Real Estate (Property) No 2 Limited Picton (UK) REIT (SPV No 2) Limited
Picton Capital Limited
England & Wales
Picton (General Partner) No 2 Limited Picton (General Partner) No 3 Limited Picton No 2 Limited Partnership Picton No 3 Limited Partnership Picton Financing UK Limited Picton Financing UK (No 2) Limited Picton Property No 3 Limited
England & Wales England & Wales England & Wales England & Wales
Guernsey
The results of the above entities are consolidated within the Group financial statements. Picton UK Real Estate Trust (Property) Limited and Picton (UK) REIT (SPV) Limited own 100% of the units in Picton (UK) Listed Real Estate, a Guernsey Unit Trust (the ‘GPUT’). The GPUT holds a 99.9% interest in both Picton No 2 Limited Partnership and Picton No 3 Limited Partnership and the remaining balances are held by Picton (General Partner) No 2 Limited and Picton (General Partner) No 3 Limited, respectively. 13. Investment properties The following table provides a reconciliation of the opening and closing amounts of investment properties classified as Level 3 recorded at fair value.
2024 £000
2023 £000
746,342 4,458
Fair value at start of year
830,027 6,135 20,613
Capital expenditure on investment properties
–
Acquisitions
(26,757) (110,433)
Unrealised movement on investment properties
Fair value at the end of the year Historic cost at the end of the year
724,043 685,576
746,342 681,118
The fair value of investment properties reconciles to the appraised value as follows:
2024 £000
2023 £000
Current Appraised value of properties held for sale
35,900
– – –
(167)
Lease incentives held as debtors of properties held for sale
35,733
Non-current Appraised value
708,740 2,046 (3,391) (19,085) 688,310
766,235 2,081 (3,248) (18,726) 746,342
Valuation of assets held under head leases
Owner-occupied property Lease incentives held as debtors
Fair value at the end of the year 746,342 As at 31 March 2024, contracts have been exchanged to sell Angel Gate, London EC1 and Longcross, Cardiff so these assets have been classified as assets held for sale, net of lease incentives. The sale of Angel Gate completed in April 2024 and the sale of Longcross is due to complete towards the end of the year. As at 31 March 2023, there were no assets classified as held for sale. 724,043 The investment properties were valued by independent valuers, CBRE Limited, Chartered Surveyors, as at 31 March 2024 and 31 March 2023 on the basis of fair value in accordance with the version of the RICS Valuation – Global Standards (incorporating the International Valuation Standards) and the UK national supplement (the Red Book) current as at the valuation date. The total fees earned by CBRE Limited from the Group are less than 5% of their total UK revenue.
Picton Property Income Limited / Annual Report 2024
147
Powered by FlippingBook