Picton Property Income Limited (PCTN) 2024年CSR报告「LSE」.pdf

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1、Occupier focused,Opportunity led.Sustainable thinking,responsible businessSustainability Data Performance Report 2024Picton Property Income Limited/Sustainability Data Performance Report 202401Sustainability Data Performance Report2024Introduction03 Picton at a Glance04 Leadership Letter05 Our Appro

2、ach to Sustainability06 2024 Key Highlights07 Our Progress on Net Zero Carbon10 Our Reporting ApproachData12 EPRA Commentary14 EPRA Disclosures16 GRESB and EPRA Data26 Independent Assurance Statement28 Glossary29 Contacts and ResourcesOur purposeWe aim to be a responsible owner of commercial real es

3、tate,helping our occupiers succeed and being valued byall our stakeholders.We are committed to integrating sustainability within all our business activities and in a way that makes a positive contribution to society,whilst minimising any negative impact onpeople,local communities and theenvironment.

4、Visit our website for more information on our sustainable thinking www.picton.co.uk/Sustainability02Picton Property Income Limited/Sustainability Data Performance Report 202401/IntroductionPicton Property Income Limited/Sustainability Data Performance Report 202403Picton at a GlanceOccupier focused,

5、opportunity ledBy applying insight,agility and a personalised service,we provide attractive,well-located spaces to help our occupiers businesses succeed and in turn enhance value for our shareholders.We have a long-term track record that includes 11 consecutive years of outperformance and long-term

6、upper quartile performance over three,five and ten years,and since launch in 2005.1 Including direct vacancy costs2 Excluding direct vacancy costsWe are a Real Estate Investment Trust(REIT)investing in UK commercial property.Our diversified property portfolio consists of 49 assets and is valued at 7

7、45 million as at 31 March 2024.96pEPRA NTA per share2023:100p2022:120p101pEPRA NDV per share2023:105p2022:119p105pEPRA NRV per share2023:110p2022:131p21.7mEPRA earnings2023:21.3m2022:21.2m4.0pEPRA earnings per share2023:3.9p2022:3.9p9.2%EPRA vacancy rate2023:9.5%2022:7.2%5.4%EPRA net initial yield20

8、23:5.0%2022:4.1%5.9%EPRA topped-up net initial yield2023:5.5%2022:4.8%32.4%EPRA cost ratio12023:29.9%2022:26.0%23.0%EPRA cost ratio22023:21.3%2022:19.9%28.2%EPRA LTV2023:27.0%2022:21.3%South East42%Rest of UK17%Industrial weighting59%Retail Warehouse7%High Street Rest of UK2%Leisure2%Retail and Leis

9、ure weighting11%Rest of UK9%South East8%Central London7%Alternative use6%Office weighting30%Picton Property Income Limited/Sustainability Data Performance Report 202404Leadership Letter We are focused on capturing energy use data to help us make informed decisions to ensure we prioritise efficiencie

10、s that reduce emissions.Michael MorrisChief ExecutiveSustainable thinking,responsible businessActing responsibly is a key strategic priority and sustainability is embedded within our day-to-day activities involving the whole of the team.During the year,we have continued to make good progress against

11、 our sustainability priorities.We have made progress against our 2040 net zero commitment,decarbonising assets and significantly increasing our on-site renewable capacity across the portfolio.We have also achieved a 16%reduction in our Scope 1 and 2 emissions compared to our 2019 baseline,and our la

12、test data shows a 21%reduction in Scope 1 energy intensity and a 54%reduction in our Scope 2 energy intensity compared to our 2019 baseline.We are also pleased to have increased our Scope 3 data coverage to 78%.We have continued to invest in our buildings across the portfolio and improved our EPCs t

13、o 80%rated AC(by estimated rental value)from 76%in March 2023.We have been collaborating with our occupiers with regard to their emissions created using our buildings.We are focused on capturing energy use data and increasing this coverage to help us make informed decisions to ensure we prioritise e

14、fficiencies that reduce emissions.We are committed to clear and transparent reporting and we aim to ensure our data collection and management is in line with best practice.Here we set out our net zero carbon progress over the last year and the Groups emissions data for the calendar year to 2023,in a

15、ccordance with EPRAs Sustainability Best Practices Recommendations.Our environmental data has again been assured this year by a third party and their statement is included at the end of this report.We have contributed to GRESB for a number of years.Our score for 2023 remained at 77,and three green s

16、tars,overall ahead of the GRESB average.We are active members of the Better Buildings Partnership,have signed their net zero commitment and report accordingly.We will continue to invest in our buildings to improve energy efficiencies and collaborate with our occupiers to drive further sustainability

17、 progress.Michael MorrisChief Executive Sustainable thinking,responsible businessEnergyefciencyMaterials&wasteSustainablebuildings Waterconsumption Net zerocarbonBiodiversityHealth&SafetyEmployees&skillsOccupiersatisfaction&wellbeingSupplier&contractorresponsibilityCommunity&social valueLeadershipDa

18、taTransparency&reporting PoliciesGovernance&advocacyEnvironmental focusStakeholder engagementPicton Property Income Limited/Sustainability Data Performance Report 202405Our Approach to SustainabilitySustainable thinking,responsible businessSustainable thinking is integrated within all our business a

19、ctivities.Our Sustainability Policy guides our long-term sustainability priorities.We have in place a sustainability framework based on our key material issues and continue to review these key priorities annually.A responsible and ethical approach to business is essential for the benefit of all our

20、stakeholders and understanding the long-term impact of our decisions will help us to manage risk and continue to generate value.Visit our website for more information on our sustainable thinking www.picton.co.uk/SustainabilityPicton Property Income Limited/Sustainability Data Performance Report 2024

21、062024 Key HighlightsPerformance dashboardOur sustainability prioritiesKey objectives2023/24 progress 1Key priorities for the year aheadEnvironmental focusMeet net zero target across the portfolio by 2040Measure and reduce embodied carbonMeasure and reduce our operational carbonMaximise renewable op

22、portunitiesDevelop a carbon offsetting strategy16%reduction in absolute Scope 1 and 2 emissions compared to the 2019 baseline21%reduction in Scope 1 energy intensity compared to 2019 baseline54%reduction in Scope 2 energy intensity compared to 2019 baseline57 leases completed containing green lease

23、clausesEngaged with occupiers and achieved occupier energy data coverage of 78%Progressed decarbonisation strategy across the portfolioIncreased solar capacity by 184%with installation of solar arrays on fiveassets 80%EPCs rated AC improved from 76%in March 2023Set new interim targets to progress de

24、carbonisation strategyCreate a BBP aligned climate adaptation planContinue to decarbonise the portfolio in line with the UK Green Building Councils net zero carbon hierarchy/Invest in our assets in line with our sustainable refurbishment guidelines to improve operational efficiency/Continue to remov

25、e fossil fuel-based systems from our buildings/Continue to install on-site renewablesWork with occupiers to further improve overall energy datacollectionDevelop our carbon offsetting strategyStakeholder engagement Engage with our shareholders to update on performance and continue to ensure clear and

26、 transparent reportingDevelop occupier engagement strategy and plan to deliver on our key Picton Promise commitments around Action,Community,Technology,Support and SustainabilityActively promote our values and nurture a positive team cultureCarried out annual occupier survey at office and industrial

27、 properties91%Of occupiers would recommend us as a landlord(2023:85%)Developed our occupier engagement strategy and launched our occupier app across eight multi-let office buildingsCommissioned a health and safety regulatory risk reviewCarried out annual employee engagement survey with an improved o

28、verall employee satisfaction score of 86%(2023:82%)25,000 Charitable donations,supporting 15 charitiesContinue to actively engage with occupiers on sustainabilityinitiativesConsider roll-out of occupier apps across a selection of industrial propertiesMaintain our high level of health and safety comp

29、lianceGovernance and advocacyMaintain high standards of sustainability governance,management and reportingContinue to improve GRESB ratingThird party data assurance of GRESB submission data Maintained EPRA Gold awards for both Annual Report and sustainability reportingMaintained our GRESB rating of

30、three green star statusReported in line with Task Force on Climate-related FinancialDisclosuresReviewed and updated our Sustainability PolicyPublished Biodiversity PolicyExtend third party data assurance on sustainabilityreportingMaintain clear and transparent reportingImprove GRESB rating1 Provisio

31、nal figures were included in 31 March 2024 Annual Report.These have been updated at the time of the GRESB submission and this data report.Reduceembodied carbonOptimiseenergy efficiencyMaximise on-siterenewable energy Purchase high qualitycarbon offsets forresidual emissions Maximise high qualityoff-

32、site renewable energyprocurementPicton Property Income Limited/Sustainability Data Performance Report 202407Our Progress on Net Zero CarbonSustainable thinking,practical solutionsNet zero carbon pathwayOur 2040 commitmentTo ensure credibility and transparency in our approach,we have developed our ne

33、t zero carbon pathway so that it aligns with the Better Buildings Partnership Net Zero Carbon Pathway Framework and The UK Green Building Councils(UKGBC)net zero carbon hierarchy.We have committed to be net zero carbon for our operational and embodied emissions by 2040.By then,all operational emissi

34、ons will be reduced as much as possible through energy efficiency measures and renewable energy,with any residual emissions offset.From 2040 onwards,all completed refurbishment projects will have reduced their embodied and operational carbon as much as possible,with any residual emissions offset upo

35、n practical completion.We have defined our portfolios baseline carbon footprint,using 2019 as the most representative recent year,to map the emissions reductions required to meet our 2040 target.As with similar property companies,the majority of our emissions relate to the energy consumption of our

36、occupiers.Net zero governanceOur Climate Action Working Group was established in 2022 to mitigate climate change risks and implement our net zero carbon pathway,through overseeing and coordinating sustainability improvements across the portfolio.Now in its second year,the Climate Action Working Grou

37、p continues to make progress against key priorities.We have recently decided to seek independent external expertise through the appointment of a specialist environmental consultant.This will enable us to gain regular access to strategic advice,updates on industry best practice and guidance,as we fur

38、ther develop interim targets on our net zero carbon pathway.This year,we have updated our sustainable refurbishment guidelines,in line with the latest guidance from the Better Buildings Partnership.We continue to incorporate net zero carbon criteria into our acquisition due diligence process.As a re

39、sponsible owner of commercial real estate,we are committed to enhancing the environmental performance of our buildings and reducing our emissions.Sustainable thinking is embedded into our business,as both a top-down strategic priority and from a bottom-up asset level perspective.In practical terms,a

40、ll our assets have a plan in place to measure,monitor and reduce carbon emissions,setting out the steps required to progress along our net zero carbon pathway.Picton Property Income Limited/Sustainability Data Performance Report 202408To achieve the maximum embodied carbon savings,our sustainable re

41、furbishment guidelines define our expectations for each project from the outset.This year,we continued to undertake refurbishment activity across the portfolio to improve and enhance the buildings sustainability credentials through making alterations to structure,mechanical and electrical maintenanc

42、e or landscaping.Our net zero carbon progressMeasuring and reducing embodied carbonOur target for major refurbishment embodied carbon intensity is 300kgCO2e/m2 by 2040.The majority of our development activity comprises refurbishments and retrofit works,for which there are no industry benchmarks thus

43、 far.We will conduct whole life carbon assessments for all major refurbishments(above 1.5 million)and fit-outs in pursuing an embodied carbon target for our major refurbishments.Net zero carbon progressAimsProgressMetricsEmbodied carbon Minimise the embodied carbon cost of developments,major refurbi

44、shments and occupier fit-outs.No whole life carbon assessments were required during the year,as individual asset refurbishment activity did not exceed 1.5 million.Target embodied performance of less than 300kgCO2e/m2 for major renovations.Operational carbon Ensure operational carbon performance and

45、efficiency across the portfolio is improved.We have worked on engaging with our occupiers on automated data sharing to streamline the energy data collection process.16%reduction in operational carbon emissions for Scope 1 and 2,relative to our 2019 baseline.On-site generation Maximise amount of on-s

46、ite renewable generation.We have continued to install solar panels on our industrial assets wherefeasible.This year,we have completed the installation of solar arrays at a further five properties,increasing the generation capacity by 184%to 0.5MWp.Renewables procurement Procure high quality renewabl

47、e energy.No existing energy contracts were due for renewal during the period.100%of our purchased electricity is from REGO backed renewable sources.Offsetting Acquire high quality offsets to neutralise residual emissions.We intend to develop our strategy for high quality offsets post net zero carbon

48、 target year of 2040 in the coming year.Third party verification Maintain credibility and transparency of our emissions data.Annual independent third party assurance of energy data.Certification of energy,water,and waste data by third party assurance.As the contract value of each refurbishment has b

49、een under 1.5 million,in line with our refurbishment guidelines we did not carry out any embodied net zero carbon assessments,but we endeavoured to repurpose,recycle and reuse materials where possible,minimising site waste.Read more on our GHG emissions on pages 1620Measuring and reducing operationa

50、l carbonOver the year,we have been introducing energy efficiency measures across the portfolio to help reduce occupier energy consumption,including:/Improving energy efficiency during refurbishment works,in line with our updated refurbishment guidelines/Continuing to decarbonise assets through remov

51、al of gas fuelled systems/Continuing to install on-site renewables/Increasing our use of an environmental data management system to include Scope 3 and monitoring of emissions atamore granular level/Engaging with occupiers to encourage sharing of data,enhancing our ability to measure and manage emis

52、sions/Continuing to include green lease clauses within our leases,with 57 completed this yearOur Progress on Net Zero Carbon/Continued2022Underway/CompletedFuture initiatives2023202420252040+.Embodied CarbonOperational CarbonOccupier EngagementNet Zero GovernanceApply refurbishment guidelines to all

53、 new developments,refurbishments and fit-outs Implement on-site renewables,prioritising most cost-effective sitesConduct whole life carbon assessments for all major refurbishments and fit-outsLiaise with key occupiers to understand their energy reduction plans and to investigate joint initiatives Un

54、dertake net zero audits across the portfolio and establish asset specific carbon reduction plansInstall sub-metering for all energy recharging to understand occupier usageDevelop a data and target monitoring processDevelop a carbon offsetting strategyConsider internal carbon price and transition fun

55、d Offset residual carbon resulting from all operationsAnnually assess progress towards net zero commitment,including exploring additional actions towards net zeroIdentify high quality renewable energy procurement optionsBegin to quantify emissions related to procurement of goods and services to info

56、rm targets and related actionsIdentify priority assetsIntegrate findings of net zero audits into longer-term asset plansConduct renewable feasibility studies for assets to estimate renewable power generation potentialIdentify a cost-effective solution for monitoring the energy consumption of occupie

57、rsCreate a detailed occupier engagement planEmbed net zero criteria into pre-acquisition due diligence processIntegrate energy and carbon clauses into new and renewed leases,including access to energy data where energy procured directly by occupiersImplement software to track embodied carbon from in

58、 use standing assetsPicton Property Income Limited/Sustainability Data Performance Report 202409Our Progress on Net Zero Carbon/ContinuedMaximising renewable opportunitiesTo reduce the carbon footprint of our operational emissions,we are focusing on increasing our on-site renewable energy opportunit

59、ies across our assets.This year,we have installed five schemes and undertaken a further five renewable energy feasibility studies to identify asset-specific opportunities across the portfolio.Maximising off-site renewable procurementWithin our portfolio,currently 100%of landlord procured electricity

60、 is REGO backed(Renewable Energy Guarantees of Origin).When our electricity contracts expire,we will seek to procure high quality renewables in line with the UKGBC guidance on renewable energy procurement.We seek to follow three main criteria on renewable energy procurement.It must be from renewable

61、 non-fossil fuel energy sources;create additional capacity in the grid;and have exclusive ownership and claims of the energy attributes.Picton Property Income Limited/Sustainability Data Performance Report 202410Our Reporting ApproachTransparency and reporting We recognise that it is important to be

62、transparent on sustainability issues,sothat our stakeholders can make informed decisions.We have fully incorporated our sustainability activities within our Annual Report,in line with our integrated approach to sustainability.However we will continue to publish our data,which is third party assured,

63、in this separate Sustainability Data Performance Report.We aim to ensure our data collection and management is in line with best practice to assist with our GRESB and EPRA reporting requirements.We have been reporting to GRESB since 2017.Our score for 2023 remained at 77,and three green stars.We sco

64、red in line with or ahead of the GRESB average in each of the Environmental,Social,Governance categories,and overall were ahead of the GRESB average.We have identified areas for improvement going forward,particularly around data coverage and certifications.We have continued to report in line with th

65、e EPRA Sustainability Best Practices Recommendations and received a Gold award for our 2023 sustainability reporting.02/Data11Picton Property Income Limited/Sustainability Data Performance Report 2024Picton Property Income Limited/Sustainability Data Performance Report 202412EPRA CommentaryEPRA comm

66、entaryOrganisational boundaries/coverageThere was a total of 49 properties within the portfolio during 2023.We adopt an operational control approach and report on 100%of our assets.This includes occupier data where possible,which is reported separately if the occupier directly pays the energy costs.

67、We believe it is crucial to obtain a holistic view of a propertys entire energy consumption,so we therefore believe building coverage should include all sites where we have obtained data.At 28 of our assets,we had a landlord-controlled energy supply during the reporting year,these figures include si

68、tes where there were void units or external supplies.The total possible number of buildings where we could obtain data remains a constant(49 properties)apart from on like-for-like data where we have excluded sites that do not have two full reporting years worth of data.Each table has a footnote on b

69、uilding coverage throughout the Report.During 2023,there were no acquisitions or disposals.Where there is a landlord-controlled supply,this energy data has been reported under Scope 1 and 2,while occupier data is separated out from landlord purchased energy and is reported under Scope3 emissions thr

70、oughout the Report.NormalisationWe have used kWh/m2/year to normalise data where applicable and use net lettable area across our sites.We believe that using floor area is the most consistent metric for our portfolio and allows for accurate like-for-like comparisons.This is the most consistent normal

71、isation metric across the whole portfolio.Meters have been assigned to specific spaces within a building,such as whole site,common area,external or a specific floor or unit.This has allowed for a more accurate intensity metric to be calculated.This methodology has been applied backdated to 2019 to a

72、llow for an accurate comparison with our baseline year.If a meter has been assigned to an external space,then no area has been used for these supplies when calculating an aggregated intensity calculations for the portfolio.Normalisation metrics have been clearly stated in tables throughout the Repor

73、t.For the like-for-like analysis,we removed any acquired or disposed sites which do not cover the full 2022 and 2023 reporting periods and any sites that underwent a major refurbishment to ensure reliable comparisons.Previously,our like-for-like calculations were calculated at an asset level.We have

74、 updated our methodology for the current reporting year to be calculated at a unit level for each supply type.This enhancement in approach means we can have a more granular approach to calculating like-for-like changes.Reporting periodThe following tables cover the year from 1 January 2023 to 31 Dec

75、ember 2023.We report on a calendar year basis to allow a greater time to focus on occupier data collection.The last five years of consumption is set out in the table on page 16 and shows how different metrics have been added year-on-year.Read more on page 16Picton Property Income Limited/Sustainabil

76、ity Data Performance Report 202413Occupier-obtained consumption is included where possible.We have calculated and reported our emissions in line with the GHG Protocol Corporate Accounting and Reporting Standard(revised edition)and used emission factors from the UK Governments GHG Conversion Factors

77、for Company Reporting 2023.We continue to report on a calendar year basis to ensure there is sufficient time to collect occupier consumption data.We have calculated our intensity measurements based on the area served by each meter,for example whole site,common area or a specific floor within an asse

78、t.External supplies have been excluded from the intensity calculations.So that an accurate comparison can be made between reporting years,this approach has been backdated to 2019 figures.We have continued to voluntarily report on Scope 3 vehicle emissions.Vehicle emissions were calculated using our

79、vehicle expenses reports and the vehicle emission factors from the UK Government GHG Conversion Factors for Company Reporting 2023.Year-on-year,we will continue to update previous reported figures if applicable to remove estimates and ensure actual data is captured and reported.Estimation of landlor

80、d-obtained utility consumptionWe count a supply as actual if more than half the year has had actual or customer reads.The amount of estimated consumption is detailed in the table footnotes.Data is only estimated if there is a reliable source to estimate from,such as a change in supplier or known con

81、sumption from other periods for the metered supply in question or if the supplier has incorrectly provided consumption figures that end prior to our expected end date.Disclosure on own officesWe occupy a floor at one of our assets,Stanford Building,London.We have apportioned out our consumption base

82、d on the floor area and this is reported as a separate line item.Third party assuranceOur published environmental data has been assured by a third party,JLL.Their assurance report,setting out the scope and findings from their review,is included at the end of this Report.MethodologyWe collect all of

83、our landlord-controlled energy data via automatic meter readings,and following improvements in occupier data collection,we have increased our overall data coverage across the portfolio to 87%(from 85%last year).The aim is to reach 100%coverage of our portfolio and we continue to work with our occupi

84、ers and data providers to achieve this.All our large supplies work from automatic meter reads,with any void unit meter data being aggregated to an asset level.This means that 100%of landlord-controlled data is meter read and not estimated.We are working towards rolling out automatic meter reads acro

85、ss the whole portfolio to increase coverage and reliability of our data and reporting accuracy.We have reported on all the emission sources required under the core requirements of EPRAs Best Practices Recommendations and have voluntarily disclosed business travel,occupier and own premises consumptio

86、n emissions.An operational control approach has been adopted and all our properties are included.Figures presented are absolute for utility and waste consumption and relate only to landlord-obtained utilities and waste removal.EPRA Commentary/ContinuedPicton Property Income Limited/Sustainability Da

87、ta Performance Report 202414EPRA DisclosuresEPRA disclosuresEnvironmental performance measuresElec-AbsTotal electricity consumptionSee page 17Elec-LfLLike-for-like electricity consumptionSee page 18Fuels-AbsTotal fuel consumptionSee page 17Fuels-LfLLike-for-like fuel consumptionSee page 18Energy-Int

88、Energy intensitySee page 17GHG-Dir-AbsTotal direct greenhouse gas emissions(Scope 1)See page 19GHG-Indir-AbsTotal indirect greenhouse gas emissions(Scope 2)See page 19GHG-Dir-LfLLike-for-like direct greenhouse gas emissionsSee page 20GHG-Indir-LfLLike-for-like indirect greenhouse gas emissionsSee pa

89、ge 20GHG-IntGreenhouse gas intensitySee pages 19 and 20DH&C-AbsTotal district heating and cooling consumptionSee page 17 there are no district heating and cooling systems in the portfolioDH&C-LfLLike-for-like district heating and cooling consumptionSee page 18 there are no district heating and cooli

90、ng systems in the portfolioWater-AbsTotal water consumptionSee page 21Water-LfLLike-for-like water consumptionSee page 21Water-IntWater intensitySee page 21Waste-AbsTotal weight of waste by disposal routeSee page 22Waste-LfLLike-for-like weight of waste by disposal routeSee page 22Cert-TotType and n

91、umber of certified assetsSee page 23Picton Property Income Limited/Sustainability Data Performance Report 202415Social performance measuresDiversity-EmpEmployee gender diversitySee page 72 of the 2024 Annual ReportDiversity-PayGender pay ratioAs the Company has only 12 employees it is not covered by

92、 the requirement to disclose gender pay gap information.As there is no overlap in job roles such a comparison would not be fair or meaningful.Emp-TrainingEmployee training and developmentSee page 73 of the 2024 Annual Report Emp-DevEmployee performance appraisals100%of employees receive an annual pe

93、rformance appraisal see page 73 of the 2024 Annual ReportEmp-TurnoverNew hires and turnoverSee page 73 of the 2024 Annual ReportH&S-EmpEmployee health and safetySee page 73 of the 2024 Annual ReportH&S-AssetAsset health and safety assessmentsSee page 25 and also page 71 of the 2024 Annual Report H&S

94、-CompAsset health and safety complianceSee page 25 and also page 71 of the 2024 Annual Report Comty-EngCommunity engagement programmesSee page 74 of the 2024 Annual Report Governance performance measuresGov-BoardComposition of highest governance bodyThe composition of the Board is set out in the Gov

95、ernance section on page 96 the 2024 Annual Report Gov-SelecProcess for selection of highest governance bodyThe Nomination Committee Report on pages 98 to 102 of the 2023 Annual Report describes the selection processGov-CoIProcess for management of conflicts of interestSee page 87 of the 2024 Annual

96、ReportEPRA Disclosures/ContinuedPicton Property Income Limited/Sustainability Data Performance Report 202416GRESB and EPRA DataGRESB and EPRA dataFive-year GHG emissions summary 20192020202120222023Emission sourceGHG scopeAbsolute GHG emissions(tCO2e)GHG intensity(tCO2e/m2)Absolute GHG emissions(tCO

97、2e)GHG intensity(tCO2e/m2)Absolute GHG emissions(tCO2e)GHG intensity(tCO2e/m2)Absolute GHG emissions(tCO2e)GHG intensity(tCO2e/m2)Absolute GHG emissions(tCO2e)GHG intensity(tCO2e/m2)%Change Absolute GHG%Change GHG intensityCombustion of fuel and operation of facilities 11,1660.0249400.0201,0200.0191

98、,1320.0191,1610.0193%-3%Electricity,heat,steam and cooling purchased forown use 22,2930.0421,4990.0311,4480.0281,6650.0191,7310.0194%1%Head office 1 and 29 N/A 8 N/A 50.01880.03470.028-18%-18%Total Scope 1 and 21 and 23,4680.0562,4470.0432,4730.0442,8050.0282,8990.0283%0%Business travel 34 N/A 1N/A2

99、N/A3N/A9N/A268%N/AOccupier data(electricity and fuel consumption)33,6720.0333,8920.02710,4550.0399,6640.0339,3150.031-4%-5%Landlord water and treatment 3530.000120.00060.000210.000180.000-13%-12%Landlord waste 3130.00070.00080.000160.000100.000-39%-40%Total Scope 333,7410.0183,9120.01910,4710.0329,7

100、030.0269,3520.025-4%-5%Total all ScopesAll7,2090.0366,3580.03212,9440.04012,5080.03312,2510.032-2%-3%Picton Property Income Limited/Sustainability Data Performance Report 202417GRESB and EPRA Data/ContinuedAbsolute direct and indirect energy consumption of standing investment portfolio EPRA sBPR Ele

101、c-Abs 4.1,DH&C-Abs 4.3,Fuels-Abs 4.5,Energy-Int 4.7Elec-AbsTotal energy consumption electricity from occupied buildings202120222023Change YoYTotal landlord purchased grid electricitykWh6,819,9278,609,9248,359,246-3%Proportion of landlord procured grid electricity from renewable sources%100%100%100%0

102、%Total occupier purchased grid electricitykWh33,117,20932,832,26728,074,271-14%Proportion of occupier procured grid electricity from renewable sources%14%9%9%-1%Self-generated renewable electricitykWh41,57859,00782,72140%Electricity consumed within head officekWh22,86641,10531,543-23%Self-generated

103、renewable electricity head officekWh02,0454,095100%Fuels-AbsTotal energy consumption from fuels from occupied buildings202120222023Change YoYTotal landlord purchased grid fuelkWh5,570,4866,203,6826,346,5322%Total occupier purchased grid fuelkWh18,688,65618,159,58819,140,6725%Fuel consumed within hea

104、d officekWh000N/ADH&C-AbsTotal energy from district heating and cooling from occupied buildings1202120222023Change YoYTotal district heating and cooling purchased and consumedN/AN/AN/AN/ATotal Energy-AbsTotal energy consumption from occupied buildings202120222023Change YoYTotal building energy(elect

105、ricity and fuel)consumptionkWh64,260,72165,907,61862,039,081-6%Total landlord building energy(electricity and fuel)consumptionkWh12,454,85614,915,76314,824,138-1%Total occupier building energy(electricity and fuel)consumptionkWh51,805,86550,991,85447,214,944-7%Energy-IntBuilding energy intensity of

106、controlled buildings202120222023Change YoYLandlord total building use intensity(electricity and fuel)excluding voids kWh/m2/year433150146-3%Landlord electricity building use intensity excluding voids kWh/m2/year2729994-5%Landlord fuel building use intensity excluding voids kWh/m2/year210106103-3%Ele

107、c-Abs/Total Energy-Abs/Energy-Int Data covers 43 out of 49 properties.All data for head office has been excluded and reported separately.Fuels-Abs Data covers 34 out of 49 properties.1 There are no district heating and cooling systems in the portfolio.Picton Property Income Limited/Sustainability Da

108、ta Performance Report 202418GRESB and EPRA Data/ContinuedAbsolute direct and indirect energy consumption of standing investment portfolio/ContinuedEPRA sBPR Elec-Abs 4.1,DH&C-Abs 4.3,Fuels-Abs 4.5,Energy-Int 4.7Elec-LfL20222023Change YoYTotal landlord purchased grid electricitykWh7,161,6826,868,253-

109、4%Proportion of landlord purchased grid electricity from renewable sources%100%100%0%Total occupier purchased grid electricitykWh30,971,82624,207,370-22%Self-generated renewable electricitykWh59,00768,13315%Fuels-LfLTotal energy consumption from fuels from occupied buildings20222023Change YoYTotal l

110、andlord purchased grid fuelkWh6,101,4175,491,774-10%Total occupier purchased grid fuelkWh 17,523,348 15,114,886-14%DH&C-LfLTotal energy from district heating and cooling from occupied buildings120222023Change YoYTotal district heating and cooling purchased and consumedN/AN/AN/ATotal Energy-LfLTotal

111、energy consumption from occupied buildings20222023Change YoYTotal building energy(electricity and fuel)consumptionkWh61,758,27251,682,283-16%Total landlord purchased energy(electricity and fuel)consumptionkWh13,263,09912,360,027-7%Total occupier purchased energy(electricity and fuel)consumptionkWh48

112、,495,17339,322,256-19%Elec-LfL It is important to note that of the 49 properties,47 were eligible for LfL comparisons as two assets were either bought part way through 2022 or in 2023.Data covers 36 out of 47 properties.Fuels-LfL It is important to note that of the 49 properties,47 were eligible for

113、 LfL comparisons as two assets were either bought part way through 2022 or in 2023.Data covers 28 out of 47 properties.Total Energy-LfL It is important to note that of the 49 properties,47 were eligible for LfL comparisons as two assets were either bought part way through 2022 or in 2023.Data covers

114、 36 out of 47 properties.1 There are no district heating and cooling systems in the portfolio.Picton Property Income Limited/Sustainability Data Performance Report 202419GRESB and EPRA Data/ContinuedGHGAbsolute direct and indirect greenhouse gas emissions of standing investment portfolioGHG-Dir-AbsS

115、cope 1 202120222023Change YoYGHG emissions from fuels combusted on-site(location-based)tCO2e1,0201,1321,1613%GHG emissions from refrigerant gasestCO2e000N/AGHG emissions from fuels combusted on-site in head office(location-based)tCO2e000N/ATotal Scope 1 emissionstCO2e1,0201,1321,1613%Scope 220212022

116、2023Change YoYGHG from purchased electricity(location-based)tCO2e1,4481,6651,7314%GHG emissions from purchased electricity(market-based)tCO2e000N/AGHG emissions from purchased electricity consumed in head office(location-based)tCO2e587-18%Total Scope 2 emissionstCO2e1,4531,6731,7384%Scope 3202120222

117、023Change YoYGHG emissions from occupier fuels combusted on-site(location-based)tCO2e3,4233,3153,5016%GHG emissions from occupier purchased electricity(location-based)tCO2e7,0326,3495,813-8%GHG from landlord business traveltCO2e239268%GHG emissions from landlord municipal water supply and treatmentt

118、CO2e62118-13%GHG emissions from landlord waste treatment and disposaltCO2e81610-39%GHG emissions from head office municipal water supply and treatmenttCO2e0.0160.0190.02843%Total Scope 3 emissionstCO2e10,4719,7039,352-4%Total GHG consumption from occupied buildings202120222023Change YoYTotal GHG emi

119、ssion from energy(location-based)tCO2e12,94412,50912,251-2%Building energy intensity of controlled buildings202120222023Change YoYScope 1 intensity excluding voidstCO2e/m2/year0.0410.0190.019-3%Scope 2 intensity excluding voidstCO2e/m2/year0.0500.0190.0191%Scope 3 intensity(occupier fuel and electri

120、city)tCO2e/m2/year0.0390.0330.031-5%GHG Dir-Abs Data covers 43 out of 49 properties.GHG Dir Abs-LfL It is important to note that of the 49 properties,47 were eligible for LfL comparisons as two assets were either bought part way through 2022 or in 2023.Data covers 36 out of 47 properties.Picton Prop

121、erty Income Limited/Sustainability Data Performance Report 202420GRESB and EPRA Data/ContinuedLike-for-like direct and indirect greenhouse gas emissions of standing investment portfolioGHG-Dir-LfLScope 1 20222023Change YoYGHG emissions from fuels combusted on-sitetCO2e1,1141,005-10%GHG emissions fro

122、m refrigerant gasestCO2e00N/AGHG emissions from fuels combusted on-site in head office(location-based)tCO2e00N/ATotal Scope 1 emissionstCO2e1,1141,005-10%Scope 220222023Change YoYGHG from purchased electricity(location-based)tCO2e1,3851,4223%GHG emissions from purchased electricity(market-based)tCO2

123、e00N/AGHG emissions from purchased electricity consumed in head office(location-based)tCO2e87-18%Total Scope 2 emissionstCO2e1,3931,4293%Scope 320222023Change YoYGHG emissions from occupier fuels combusted on-site(location-based)tCO2e3,1992,765-14%GHG emissions from occupier purchased electricity(lo

124、cation-based)tCO2e5,9895,013-16%GHG emissions from landlord municipal water supply and treatmenttCO2e1311-16%GHG emissions from landlord waste treatment and disposaltCO2e1610-39%GHG emissions from head office municipal water supply and treatmenttCO2e0.0190.02843%Total Scope 3 emissionstCO2e9,2177,79

125、8-15%Total LfL Emissions20222023Change YoYTotal GHG emission from energy(location-based)tCO2e11,72410,232-13%Building energy intensity of controlled buildings20222023Change YoYScope 1 intensitytCO2e/m2/year0.0230.019-15%Scope 2 intensitytCO2e/m2/year0.0280.028-2%Scope 3 intensity(occupier fuel and e

126、lectricity)tCO2e/m2/year0.0340.029-15%Picton Property Income Limited/Sustainability Data Performance Report 202421GRESB and EPRA Data/ContinuedWaterAbsolute water consumption of standing investment portfolioWater-Abs Total water consumption from occupied buildings 202120222023Change YoYTotal landlor

127、d municipal water m315,14049,73047,992-3%Total occupier municipal waterm3122,21821,09416,854-20%Water consumed within head officem337467360%Water-IntBuilding water intensity of standing investment portfolio202120222023Change YoYLandlord water building use intensity m3/m2/year0.2980.6560.632-4%Occupi

128、er water building use intensitym3/m2/year0.8920.1860.141-24%Head office water building intensitym3/m2/year0.1570.1940.30960%Water-LfLTotal water consumption from occupied buildings 20222023Change YoYTotal landlord municipal water m330,69628,579-7%Total occupier municipal water m311,3749,429-17%Water

129、-Abs/Water-Int Data covers 28 out of 49 properties.Water-LfL It is important to note that of the 49 properties,47 were eligible for LfL comparisons as two assets were either bought part way through 2022 or in 2023.Data covers 21 out of 47 properties.Picton Property Income Limited/Sustainability Data

130、 Performance Report 202422GRESB and EPRA Data/ContinuedWasteAbsolute waste consumption of standing investment portfolioWaste-AbsTotal waste consumed from landlord-controlled buildings 202120222023%by disposal route%Change YoYTotal waste collectedtonnes373754462N/A-39%Total hazardous waste tonnes0000

131、%N/ATotal non-hazardous waste tonnes373754462100%-39%Total waste landfilltonnes0000%N/ATotal waste incinerationtonnes1000%N/ATotal waste reusedtonnes0000%N/ATotal waste to energytonnes10412612026%-5%Total waste recycledtonnes26862834174%-46%Total waste othertonnes0110%31%Waste-LfLTotal waste consume

132、d from landlord-controlled buildings 20222023%by disposal route%Change YoYTotal waste collectedtonnes744454N/A-39%Total hazardous waste tonnes000%N/ATotal non-hazardous waste tonnes744454100%-39%Total waste landfilltonnes000%N/ATotal waste incinerationtonnes000%N/ATotal waste reusedtonnes000%N/ATota

133、l waste to energytonnes11811425%-3%Total waste recycledtonnes62534075%-46%Total waste othertonnes110%31%Waste-Abs Data covers 15 out of 49 properties.Waste-LfL It is important to note that of the 49 properties,47 were eligible for LfL comparisons as two assets were either bought part way through 202

134、2 or in 2023.Data covers 15 out of 47 properties.Picton Property Income Limited/Sustainability Data Performance Report 202423GRESB and EPRA Data/ContinuedBuilding certificationsCert-TotBuilding Cert%of portfolio 2021%of portfolio 2022%of portfolio 2023%Change YoYEnergy Performance Certification(EPCs

135、)A0.5%0.9%3.7%304%B15.7%25.9%19.3%-25%C36.2%35.7%55.6%56%D40.7%29.3%15.2%-48%E6.6%8.0%6.1%-24%F0.3%0.0%0.0%N/AG0.0%0.2%0.0%-100%Uncertified(Managed)0.0%0.0%0.0%N/ABREEAMm23.1%3.0%3.0%1%Cert-Tot Data covers all 49 properties.The above EPC table is by number;however in the Annual Report EPCs are repor

136、ted by estimated rental value.Picton Property Income Limited/Sustainability Data Performance Report 202424GRESB and EPRA Data/ContinuedBusiness travelTotal milesTotal kmEmission factorskgCO2etCO2eCar(petrol)9471,5240.213190.32Car(diesel)11,35618,2760.213,8613.86Flights8,74014,0660.314,3054.31Train10

137、,46416,8400.047480.75Total9.23Picton Property Income Limited/Sustainability Data Performance Report 202425GRESB and EPRA Data/ContinuedHealth and safetySite typeBuilding coverage(assets)H&S AssetH&S CompOffice15/15100%0Retail,High Street5/5100%0Retail,Warehouse3/3100%0Industrial,Business Parks11/111

138、00%0Industrial,Distribution Warehouse0/00Hotel0/00Total34/34100%0Over the period from April 2023 to March 2024 all required asset health and safety assessments were completed and there were no reported health and safety incidents(fire and medical illness).In addition,our property managers provide a

139、monthly health and safety report detailing compliance with Critical Documents(legal requirements)and Secondary Documents(best practice),along with a full list of required document compliance,actions and incidents.If,for any reason,we are unable to undertake a Critical Document action,we ensure the r

140、elevant item is safely removed from use until the action has been completed.As at 31 March 2024,we were 98.3%compliant with Critical Documents and 97.9%compliant with Secondary Documents.Picton Property Income Limited/Sustainability Data Performance Report 202426Independent Assurance Statement Indep

141、endent assurance statement To the stakeholders of PictonPicton Property Income(Picton)engaged JLL EMEA Sustainability Consulting(JLL)to provide Independent Assurance of Environmental Performance Data relevant to its Sustainability Data Report 2024 and 2024 GRESB Submission(the Reports)for 1 January

142、2023 31 December 2023(the Reporting Period).Conclusion Based on the procedures performed,nothing has come to our attention that causes us to believe that for the reporting period,the subject matter information is materially misstated,in line with the reporting criteria.Scope of work The subject matt

143、er information comprises the following key performance indicators which are subject to assurance.Key Performance Indicator2023 PerformanceSustainability Data Report 2024Total electricity consumption(Elec-Abs)36,551,877 kWhTotal fuel consumption(Fuels-Abs)25,487,205 kWhTotal Dir GHG,Scope 1(GHG-Dir-A

144、bs)1,161 tCO2eTotal Indir GHG,Scope 2(GHG-Dir-Abs)1,738 tCO2eTotal Scope 3(GHG-Dir-Abs)9,352 tCO2eTotal water consumption(Water-Abs)64,919 m3Total waste production(Waste-Abs)462 tonnesGRESB Performance Information Total energy consumption(EN1)62,039,081 kWhTotal greenhouse gas emissions(GH1)12,213 t

145、CO2e/Scope 11,098 tCO2e/Scope 2 location-based1,706 tCO2e/Scope 39,409 tCO2eTotal water consumption(WT1)64,919 m3Total waste production(WT1)2,298 tonnesOther than described here,we did not perform assurance procedures on the remaining information included in the Report so do not express an opinion o

146、n this information.Summary of engagement Subject matter informationSustainability Data Performance Report 2024 Total electricity consumption(Elec-Abs)(kWh)Total fuel consumption(Fuels-Abs)(kWh)Total Dir GHG,Scope 1(GHG-Dir-Abs)(tCO2e)Total Indir GHG,Scope 2(GHG-Indir-Abs)(tCO2e)Total Scope 3(tCO2e)T

147、otal water consumption(m3)Total waste(tonnes)GRESB Performance Information Total energy consumption(EN1)(kWh)Total greenhouse gas emissions(GH1)(tCO2e)Total water consumption(WT1)(m3)Total waste production(WS1)(tonnes)Reporting period1 January 2023 31 December 2023Reporting criteriaPictons Reporting

148、 Methodology(ESG Data Collection Process Documentation 23/24)2024 GRESB Real Estate Standard and Reference GuideAssurance standardInternational Standard on Assurance Engagements 3000(Revised),Assurance Engagements Other than Audits or Reviews of Historical Financial Information(ISAE 3000),issued by

149、the International Auditing and Assurance Standards Board.Assurance levelLimited assurance Picton Property Income Limited/Sustainability Data Performance Report 202427Independent Assurance Statement/ContinuedLimitations and constraints Inherent limitations exist in all assurance engagements,due to th

150、e limited nature of testing.The self-defined procedures carried out vary in nature,timing and extent due to the absence of consistent,external standards for all reported metrics.Framework and standards We carried out a limited assurance engagement,conducted in accordance with the International Stand

151、ard on Assurance Engagements 3000(Revised)Assurance Engagements Other than Audits or Reviews of Historical Financial Information(ISAE 3000),issued by the International Auditing and Assurance Standards Board.The procedures undertaken in a limited assurance engagement are less comprehensive than a rea

152、sonable assurance engagement.We believe that the testing carried out provides a sufficient and appropriate basis for our limited assurance conclusion.Responsibilities The management of Picton is responsible for the completion of the subject matter information and publication of the Report.Our respon

153、sibilities as independent practitioner is to undertake a limited assurance engagement and report our opinion on the subject matter information in accordance with the reporting criteria.Due to our expertise and experience with non-financial information,sustainability management and reporting,we have

154、the competencies required to conduct this independent assurance engagement.We are bound by the JLL Code of Ethics and JLLs internal management procedures.JLLs Code of Ethics sets out our ethical operating conditions and guides our actions and behaviours internally and externally to ensure doing busi

155、ness with integrity.JLL has also established a business management system,documented and maintained in accordance with the requirements of the International Standard for Quality Management Systems ISO 9001:2015.Other teams within JLL provide consultancy services to Picton and provide support on thei

156、r environmental,social and governance programme.The assurance team has not been involved in the delivery of these other services for Picton and we do not consider that there is any conflict of interest between these other services and this assurance engagement.Where relevant,JLL implement and mainta

157、in a system of information barriers in line with our internal procedures.Jones Lang LaSalle Limited London,UK 20 June 2024 The information compiled in this document and any opinions expressed herein are given in good faith but are derived from a number of sources and,as such,are liable to change.Jon

158、es Lang LaSalle Limited,gives no warranty,either express or implied,as to the accuracy or completeness of any information or opinion or projection set forth herein.Jones Lang LaSalle shall not,in any circumstances,be under any liability for any direct or consequential loss or damage of any nature wh

159、atsoever,and howsoever arising,whether sustained by the organisation/person for whom this Report has been prepared or its/his servants or agents,or any third party,including without limitation loss of profit or other revenues,loss of business,costs,expenses,charges levied by professional or other ad

160、visers,fines,penalties,damages(including interests and costs)that may be awarded to or agreed with any third party in respect of any claim or action.Assurance approach We have performed the following procedures:/Interviewed Pictons appointed data management team about its approach to data management

161、 and reporting/Reviewed the processes involved in data collection,management and reporting/Discussed data,evidence and any associated issues with data managers/Performed analytical review and considered risks of misstatement of the subject matter information/Conducted statistical testing for each ut

162、ility to identify and query significant differences in performance/Tested a sample of data points against evidence across all indicators listed in the subject matter information/Tested and recalculated GHG emissions for a sample of emission categories/Reviewed the GRESB asset level spreadsheet and d

163、ata tables to confirm correct transfer of dataPicton Property Income Limited/Sustainability Data Performance Report 202428GlossaryGlossarythecommunities where itoperates.Governance deals with a companys leadership,executive pay,audits,internal controls,and shareholder rights.GHG greenhouse gas.GHG a

164、bsolute total GHG emissions.GHG intensity a normalised metric set against an economic output such as number of employees,revenue or area.Allows for an emission reduction target to be set which accounts for economic growth.GRESB(Global Real Estate Sustainability Benchmarking)an investor driven organi

165、sation assessing the sustainability performance of the real estate sector,through detailed analysis of ESG metrics from the corporate to the individual asset Grid Decarbonisation refers to the changing methods of grid power generation which rely less on fossil fuels and more on renewable/sustainable

166、 energy sources resulting in fewer emissions per unit of electricity generated.ISO an independent,non-governmental international organisation with a membership of 164 national standards bodies,that develops voluntary,consensus-based,market relevant international standards that support innovation and

167、 provide solutions to global challenges.kg/CO2/m2 kilogrammes of CO2 per square metre a measure of emissions intensity.kWh(Kilowatt Hour)a standard unit for measuring electricity consumption.kWh/m2/year a unit of measure of a property based on the annual electricity consumption byasingle square metr

168、e.This aggregation of energy in this way allows for a direct comparison betweenproperties.MEES(Minimum Energy Efficiency Standards)apiece of legislation set by the UK Government.From April 2018 a landlord is unable to renew or grant a new tenancy(over six months)if the property has an Energy Perform

169、ance Certificate(EPC)rating of F or G.MSCI a global market index provider enabling comparison of investment performance.NZC(Net Zero Carbon)the point at which theamount of carbon being released into the atmosphere is equal to the amount removed from the atmosphere.Offsetting the process of removing

170、carbon fromthe atmosphere to balance emissions into theatmosphere.PRI(Principles for Responsible Investment)a global proponent of responsible investment that supports aninternational network of investors toincorporate ESG factors into their investment andownership decisions.REIT(Real Estate Investme

171、nt Trust)aREIT is a listed company that owns income producing real estate and distributes the income to shareholders.Companies that seek REIT status must qualify by meeting specific regulatory guidelines and criteria.REITs trade on major exchanges like other securities and provide investors with a l

172、iquid exposure within the real estate market.Scope 1 emissions direct emissions from owned or controlled sources.Scope 2 emissions Scope 2 emissions are indirectemissions from the generation of purchased energy.Scope 3 emissions all indirect emissions(notincluded in Scope 2)that occur in the value c

173、hain of the reporting company,including both upstream and downstream emissions(e.g.occupier emissions).tCO2e tonnes of carbon dioxide equivalent,whichis a measure that allows you to compare theemissions of other greenhouse gases relative to one unit of CO2.It is calculated by multiplying the greenho

174、use gass emissions by its 100-year global warming potential.For this Report,we have utilised the UK Governments DEFRA 2020 emission conversion factors.These factors reflect the average emissions intensity of grids on which energy consumption occurs(using mostly grid-average emission factor data)with

175、 methodology and assumptions changing year on year.TCFD(Task Force on Climate-related Financial Disclosures)a framework to help public companies disclose climate-related risks.UKGBC(UK Green Buildings Council)acharity launched by the construction industry to promote sustainability across the built e

176、nvironment valuechain.Better Buildings Partnership(BBP)acollaboration of UK Commercial Property owners working to improve sustainability of building stock.BREEAM(Building Research Establishment Environmental Assessment Method)Anestablished sustainability rating assessment for projects,infrastructure

177、 and buildings.Itassesses assets across their life cycle,from new construction to in-use and CO2(Carbon Dioxide)the most abundant greenhouse gas in our planets atmosphere.It is often the benchmark gas measured for defining a companys emissions.EPC(Energy Performance Certificate)acertificate which pr

178、ovides a rating based on set criteria to measure the energy efficiency of a lettable unit.Thescale ranges from AG.EPRA(European Public Real Estate Association)a non-profit association which represents Europes publicly listed property companies on voluntary and mandatory reporting,and publishes susta

179、inability reporting Best Practices Recommendations(BPR)ESG(Environmental Social Governance)a framework that socially conscious investors use to screen potential investments.Environmental criteria consider how a company performs as a steward of nature.Social criteria examine how it manages relationsh

180、ips with employees,suppliers,customers,and 29Picton Property Income Limited/Sustainability Data Performance Report 2024How to get in touchContacts and ResourcesUK office Stanford Building 27A Floral Street London WC2E 9EZRegistered office1st&2nd Floors Elizabeth House Les Ruettes Brayes St Peter Por

181、t Guernsey GY1 1EWRegistered Number:43673 T:+44(0)20 7628 4800 E:enquiriespicton.co.uk MediaTavistock Communications 18 St Swithins Lane London EC3V 8ADT:+44(0)20 7920 3150 WebsiteThe Company has a corporate website which contains more detailed information about the Group www.picton.co.ukOccupier focused,Opportunity led.Picton Property Income LimitedStanford Building27A Floral StreetLondonWC2E 9EZ+44(0)20 7628 4800www.picton.co.uk