Picton

What Picton does

Picton Property Income Limited is a UK Real Estate Investment Trust (REIT) established in 2005 and listed on the London Stock Exchange main market under ticker PCTN, domiciled in Guernsey with operational headquarters in London. The company owns and actively manages a diversified portfolio of 47 UK commercial properties spanning Industrial, Office, and Retail and Leisure sub-sectors, leased to approximately 350 occupiers. For the year ended 31 March 2025, Picton generated £54 million in revenue and reported a portfolio valuation of approximately £726 million, with a 93% proforma occupancy rate following recent lettings and disposals. As of June 2026, market capitalization stood at approximately £363 million at a share price of 70.6p.

The company's core technology layer is Asset IQ, a smart building management system deployed at multi-let office locations that integrates with building management systems to provide live energy and plant equipment telemetry, identify operational inefficiencies, and generate quarterly action plans for facilities managers. Picton also operates the CBRE Host App for occupier engagement and sustainability data sharing. Occupier-facing products include Picton SwiftSpace (flexible bespoke leasing for right-sizing), Touchdown Rooms (flexible workspace facilities), Referral Rewards (tenant referral incentives), Community Matched Giving (charitable matching), and Energy Efficient Spaces (sustainable workspace offerings), all structured around the Picton Promise — five commitments covering Action, Community, Technology, Support, and Sustainability. Reporting is EPRA Gold-standard, with GRESB Three Green Star status maintained in 2023 and 2025.

Picton's revenue model is rental income from commercial leases across its three property sectors, with pricing negotiated on a per-asset basis (not publicly disclosed). Its go-to-market is sales-led, combining direct property transactions and leasing relationships for occupiers with investor relations and RNS-driven public market communications for shareholders. The company operates with a lean headcount of 11 average employees for FY2025. Picton has a 20-year track record of outperformance against the MSCI UK Quarterly Property Index across one, three, five, and ten-year horizons and since inception. The company is currently undergoing a strategic review and formal sale process initiated in January 2026, with a consortium of LondonMetric Property plc and Schroder Real Estate Investment Trust Limited having submitted an indicative all-share acquisition proposal valued at approximately £396 million (a 9% premium to NAV), which was approaching completion as of June 2026.

Name

Picton

Legal name

Picton Property Income Limited

Website

https://www.picton.co.uk

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Picton Property Income Limited is a UK-listed REIT (LSE: PCTN) that owns and manages 47 diversified commercial properties across Industrial, Office, and Retail and Leisure sectors, leased to approximately 350 occupiers, generating £54 million in FY2025 revenue.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Trust (REIT)

NAICS

Lessors of Other Real Estate Property (53119), Nonresidential Property Managers (531312)

SIC

Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

akta.pro secondary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Commercial real estate
• Real estate investment trust
• Commercial property leasing
• UK property portfolio
• Property asset management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Property Rental Income: Picton generates revenue primarily through rental income from its diversified portfolio of UK commercial properties. The company owns 47 assets across Industrial, Office, and Retail and Leisure sectors, leased to approximately 350 occupiers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Picton Property Income Limited is a UK Real Estate Investment Trust that owns and actively manages a diversified portfolio of 47 commercial properties across the Industrial, Office, and Retail and Leisure sectors, leased to approximately 350 occupiers. The REIT generates rental income for shareholders and offers occupier-focused services including the flexible Picton SwiftSpace leasing solution. Picton also provides investor relations, financial reporting, and sustainability-embedded portfolio management as part of its listed REIT offering.

Product overview

Picton Property Income Limited is a diversified UK Real Estate Investment Trust (REIT) established in 2005, owning and managing a commercial property portfolio. The company operates as a single, unified REIT offering rather than a modular platform. Its portfolio spans three main property sectors: Industrial, Office, and Retail and Leisure, providing income and capital growth opportunities for investors. The core offering includes property ownership, asset management, and occupier services, with specific products like Picton SwiftSpace (flexible leasing), Touchdown Rooms (workspace facilities), and various occupier benefits including Referral Rewards, Community Matched Giving, and Energy Efficient Spaces. The company also provides a Find Space service for prospective occupiers.

Differentiator

Problem solved

Functional benefit

Products and services

• UK Commercial Property Portfolio Management
• Picton SwiftSpace

Quantifiable outcome

• Outperformed MSCI UK Quarterly Property Index over one, three, five and ten years, and since inception
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• RCIS Accredited Property ManagerminorOthersPicton employs an RCIS accredited property manager to manage their buildings. The property manager issues an annual Modern Slavery and Human Trafficking statement and has a Supplier Code of Conduct with specific sections on Modern Slavery.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Helical plc: UK-listed property company investing in and developing commercial real estate, focused on offices and mixed-use. Comparable in scale and active management style to Picton and overlapping across UK office occupiers.
• Regional REIT Limited: UK regional office-focused REIT with diversified regional exposure. Comparable to Picton on multi-asset commercial property mandate, target enterprise tenants, and small-cap listing status, though tilted more toward offices versus Picton's balanced split.
• LondonMetric Property plc: UK-listed REIT with a strong industrial/logistics tilt plus convenience-led retail and mixed-use exposure. Directly relevant because LondonMetric is part of the consortium acquiring Picton and operates a very similar direct-leasing, occupier-focused UK commercial property model at materially larger scale.
• TR Property Investment Trust plc: UK-listed investment trust providing diversified listed property exposure, including direct UK commercial property. Useful peer on portfolio benchmarks, dividends, and NAV performance even though its primary exposure is to listed property securities rather than direct assets.
• Custodian REIT: Smaller diversified UK REIT exposed across industrial, office, retail and leisure sub-sectors. Closely matches Picton's mandate, target tenant base, and small-cap profile, providing a near-direct performance, gearing and NAV comparison.
• Schroder Real Estate Investment Trust: Diversified UK commercial REIT focused on offices and retail/industrial, the other half of the acquiring consortium. Highly comparable to Picton on mandate (active asset management, multi-sector UK portfolio, LSE-listed) and is a near-perfect peer for valuation and dividend benchmarking.
• abrdn Property Income Trust Limited: Diversified UK commercial REIT holding offices, industrial, retail and student housing. Comparable to Picton on mandate, LSE listing, and target retail/institutional investor base, though typically larger AUM.
• Balanced Commercial Property Trust: Multi-asset UK commercial property trust spanning industrial, office, retail and leisure. Closely aligned with Picton's investment approach, performance benchmark (MSCI UK Quarterly), and tenant/market exposures.

Broad incumbents

• Land Securities Group plc: Major UK REIT spanning offices, retail and mixed-use developments. Comparable commercial property segments but at substantially larger scale and with broader development pipeline than Picton's asset-light active management model.
• British Land Company plc: Large FTSE 100 UK REIT focused on campuses, retail parks and logistics. Competes for the same UK occupier pool and investor capital but operates at much greater scale and with development capability beyond Picton's pure asset management lens.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/picton-property-income-limited/posts/?feedView=all

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Picton