Although it gave the group some critical mass, the merger brought in a number of nonstrategic property types for Pangbourne, which has expressed its intention to have a greater focus on industrial property.
Interim results for the six months to December show the group sold 18 properties in the Johannesburg city centre for R96m to ApexHi. It took 19,6-million ApexHilinked units. The group sold a further four properties for R2m.
This period produced a flat distribution of 41c a linked unit for Pangbourne unit holders.
The group said earnings were flat because there was little growth in rentals. Revenue went up to R125,5m from R69,7m.
