Net unit income up 4% at Grayprop

Posted On Friday, 30 April 2004 02:00 Published by eProp Commercial Property News
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PROPERTY unit trust company Allan Gray Property Trust said yesterday that net distributable income for the six months to March 31 amounted to 15,6c a unit, 4% higher than the year-ago period.

Property-Housing-ResidentialGrayprop, which has a market capitalisation of about R3,14bn and a R2,6bn property portfolio, expected that the distributions for the full year ending September 30 would grow by a similar amount, making the total distribution for the year higher than the trust had expected.

Explaining the higher-than-expected distributions, MD John Rainier said yesterday the trust believed the fund's historic property portfolio would deliver "flattish earnings", but the acquisition of the Boulders Shopping Centre and the MIFA Industrial Park, both in Midrand, were done at yields that were enhancing for the portfolio.

Grayprop is also busy with capital projects, having said earlier this year it would be investing heavily in its shopping malls in terms of refurbishments, redevelopments and extensions.

The company said it had R206m that was being injected into the Centurion Shopping Centre, in which it had a 75% undivided share.

Grayprop said the second phase was on schedule to open at the end of April and would be anchored by Woolworths' in their 5800m² store.

The expected final cost of the repositioning of the Randburg Waterfront as The Brightwater Commons had cost R126m.

These redevelopments would also be yield enhancing, he said.

The fund's rental income also increased during the period under review to R243,3m from R215,5m in the corresponding period last year.

Grayprop said that the interim distribution would be paid on Monday, May 31.

Last modified on Friday, 09 May 2014 17:46

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