Fourways Mall development spurs Accelerate Property's growth

Posted On Thursday, 30 June 2016 07:59 Published by
Rate this item
(0 votes)

Accelerate Property Fund grows its portfolio 24% year on year to March to R8.4bn, owing to strong investment activity.

 Andrew_Costa

Accelerate Property Fund, the real estate group with a focus on Fourways, grew its portfolio 24% year on year to March to R8.4bn, owing to strong investment activity. This was while it’s net asset value climbed 25.5% for the reporting period.

Accelerate chief operating officer Andrew Costa said the growth was largely because of the acquisition of a portfolio worth R850m from advisory firm KPMG.

The number of properties in Accelerate’s total portfolio increased from 52 to 61 at year-end.

Accelerate had also managed to grow its income payouts more strongly than many of its competitors had because of its focus on investing in strong nodes, Costa said.

Accelerate reported year-on-year dividend growth of 9.1% for the year to March, translating into a dividend per share of 53.67c, up from 49.21c in the comparative reporting period.

“Accelerate remained focused on maximising rental income and tenant recoveries, reducing vacancies, effectively managing cost, increasing the quality of our property portfolio and creating value through selective acquisitions,” Costa said.

Accelerate is revamping the Fourways Mall. Construction to expand and upgrade Fourways Mall began towards the end of 2015.

“Fourways has been identified as one of the fastest-growing and populated areas in Johannesburg.

“A number of role players recently invested heavily in infrastructure upgrades, and Fourways Mall … plans to position Fourways as a new central business district, underpinned by the surrounding residential areas.”

Chief investment officer at Grindrod Asset Management, Ian Anderson, said Accelerate was well-positioned to grow. “We remain confident that Accelerate offers exceptional value in the listed property sector,” Anderson said.

source" Business Day

Last modified on Thursday, 30 June 2016 08:10

Most Popular

Empowering women in engineering through B-BBEE

Jan 13, 2020
Andrew Yorke
Working to embrace the spirit of transformation and developmen.

Repo rate cut by 25 basis points

Jan 16, 2020
Governor_Lesetja_Kganyago_SARB1
The Reserve Bank has reduced the repo rate by 25 basis points to 6.25% in line with…

Health & Safety key drivers for Concor at Oxford Parks project

Jan 13, 2020
Godfrey Baloyi Bennie De Koker Concor Buildings HSE
Health and safety are key drivers for Concor Buildings at the construction of Oxford…

Cheap cement imports crippling local industry

Jan 16, 2020
Databuild CEO Morag Evans
Local cement manufacturers are being severely undermined by cheap imports from countries…

The rising tide of the silver economy

Jan 16, 2020
Chris Cilliers
Whilst we may not yet have discovered the long-coveted elixir of eternal youth, the truth…

Please publish modules in offcanvas position.