Investec Property Fund achieves 7.1% growth in H1 income distribution

Posted On Thursday, 15 November 2012 11:51 Published by Commercial Property News
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Investec Property Fund (“the Fund”) has delivered a strong set of results for the six month period to 30 September 2012, underpinned by solid property fundamentals, with the property portfolio growing 11.8%. 

Sam Leon Investec Property FundAssociated with the solid growth in the portfolio, the Fund announces a 7.1% increase in their interim distribution to 46.83 cpu from 43.73 cpu. 

Sam Leon, CEO of the Fund said, “We have successfully grown our net property income by 29.3% on the back of recent, yield enhancing property acquisitions, and as a result of our continued focus on tenant retention and lease renewals, kept the vacancy rate within the portfolio pleasingly low at 3.3%.”

The Fund’s Balance sheet also remained strong with a reported gearing ratio of only 19.5%, providing significant headroom for the Fund to actively pursue acquisitions in the future.

The results exclude any impact of the successful R1.5 billion rights offer which concluded on 5 November 2012 and the associated property acquisitions that will see the property portfolio increase to R4.2 billion from R2.3 billion and gearing reduce further to 11%.

Investec Property Fund is a limited liability, variable loan stock company, formed with the purpose of investing in direct real estate where there is potential for income generation and capital growth.

The Fund debuted on the JSE in April 2011 and invests in direct real estate with the objective of growing its asset base to generate income returns for Shareholders by building a quality portfolio underpinned by strong rental income.

Last modified on Monday, 10 June 2013 21:29

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