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Metboard scales down vacancies

Posted On Thursday, 17 April 2003 02:00 Published by
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Disposal of noncore property assets has helped focused industrial property fund Metboard reduce its vacancies by about 50% in the past few months.
Disposal of noncore property assets has helped focused industrial property fund Metboard reduce its vacancies by about 50% in the past few months.

The reduction of vacancies may also reflect a rejuvenation in the industrial property sector.

Metboard sold two industrial properties for an undisclosed amount and let a further 67,000m² from its portfolio, cutting its vacancies from 9,2% in June last year to about 5%.

The properties that were sold were an industrial property in Germiston on the East Rand and a factory in Langlaagte, south of Johannesburg.

Metboard fund manager Jeff Sher says: "In the past nine months the group has been ... actively managing the letting process and selling properties that were not revenue- producing for the fund."

The group sold seven properties during the 2002-03 financial year and signed lease deals worth R30-million, representing 36,590m² of industrial space, in the three months to October last year.

Business Day


Publisher: Business Day
Source: Business Day
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