Acucap announced an interim distribution of 67,60c for each linked unit compared with 65,08c for the same period last year.

Acucap listed in March last year.

Company MD Paul Theodosiou said Acucap had a growth property portfolio which was not necessarily high-yielding, but offered good income growth in the long term.

Theodosiou said that with high-yielding properties, although rentals were very high, they often remained static. He said the rentals of "growth" properties continued to move upwards.

The company's vacancies amounted to 4% of the portfolio by gross rental income, and 3,3% by gross lettable area an exceptionally low rate.

Theodosiou said the vacancy rate was actually lower at March 31 this year. The increase, although insignificant, was a result of the expiry of leases covering 4000m² at the Atterbury Office Park in Pretoria during August and September this year.

However, a new tenant has been secured to take up the space on a long-term lease after the period under review and the company expected reduced vacancies when it issued its financial results for the year ending March 31 next year.

The booming regional market had also contributed to the positive results.

Acucap's portfolio consists of 65% retail and 10% industrial, the rest being made up of commercial and office space.

"Historically, the regional retail sector has been the best property performer for the past 10 years," he said.

He said retail was doing well in the short term because of lower interest rates and the national tax breaks.