Sycom reports 13% growth in first half distribution

Posted On Friday, 07 November 2008 02:00 Published by Commercial Property News
Rate this item
(0 votes)

Sycom Property Fund reported distributable earnings of 70.63 cents per unit for the six months ended September.

Sycom Property FundSycom Property Fund reported distributable earnings of 70.63 cents per unit for the six months ended September which represents growth of 10.1% over the 64.15 cents per unit distribution for the same period in the prior year.

This is slightly ahead of the guidance provided in the company's results release in May, and is due partly to a stronger than expected performance from the retail portfolio, and partly to a reduction in the asset management fee following a sharp decline in listed property unit prices, according to Sycom.

The property portfolio experienced good income growth of 10.5%. Revenue growth of 13.8% was recorded for the half-year.

Looking ahead, Sycom said its commercial portfolio is well positioned to continue delivering solid growth. The retail environment, however, is likely to become more challenging, placing constraints on rental growth.

"There is also an increased risk of failure amongst smaller tenants in certain retail segments, and management will continue to monitor individual tenant performance closely to mitigate this risk. The portfolio will also benefit from the combined expertise of Acucap and Parkdev as asset managers.

"Growth in the second half year is expected to remain comparable with that achieved in the first period," the property fund added.

Last modified on Friday, 14 June 2013 22:16

Most Popular

Pam Golding Properties achieves record price of USD13.6m for sale of luxury home in Mauritius

Mar 12, 2024
Villa sold for USD13.6m Mauritius, patio & pool
The Mauritius office of Pam Golding Properties has sold a six-bedroom, luxury beachfront…

Simplified capital structure and operational performance delivers strong 1H2024 results for Fortress Real Estate Investments

Mar 12, 2024
Cornubia Ridge LP_March 2024
Fortress Real Estate Investments delivers strong 1H2024 results: Simplified capital…

Dipula and REO’s innovative approach to tenant installation for EOH grows a sustainable furniture initiative

Mar 12, 2024
Interior EOH in Montrose Place at Waterfall Park in Midrand 3
Dipula Income Fund’s new lease with EOH for the Montrose Place at Waterfall Park in…

Please publish modules in offcanvas position.