Acucap gains from improved retail sector

Posted On Friday, 21 May 2004 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Unit distribution up 2.3% on previous year

Paul TheodosiouPROPERTY loan stock group Acucap Properties said yesterday its distribution to unitholders would be 140,45c a linked unit for the year ended March 31 , a 2,3% increase on the previous year's 137,32c.

Acucap, which has a market capitalisation of R640m and property assets worth more than R1bn, said its portfolio benefited from the improvement in property fundamentals and intensive management activities.

Acucap, with a portfolio that is 75% made up of retail properties, said the retail sector led the improvement in fundamentals. The office market experienced its first annual decline in vacancy rates for nine years, while industrial properties also showed a decline in vacancy rates, the company said.

Acucap MD Paul Theodosiou said net income from the property portfolio increased by 6% over the comparable period, and headline earnings for each linked unit increased 6,8%.

Distributions increased only 2,3% because asset management fees became payable to the management company for the first time this financial year, the company said.

Last modified on Monday, 12 May 2014 18:23

Most Popular

SA property visionary John Rabie announces new global property joint venture

Mar 15, 2021
LX_LIVING_Lisbon_Portugal
Capital, the Geneva based property investment, development and asset management-business,…

Repo rate unchanged at 3.5%

Mar 25, 2021
Lesetja_Kganyago_SARB_Governor
The Monetary Policy Committee has decided against altering the repo rate, deciding to…

Court finds against EAAB in battle for FFCs

Mar 16, 2021
Tony C
In a scathing judgement handed down from the High Court on 15 March, the failure of the…

KZN residential property market poised for upswing

Mar 15, 2021
Sershin_Moodley_TUHF
Over the past three years, the KwaZulu Natal (KZN) property market has enjoyed…

SARB to hold but is a rate hike around the corner?

Mar 16, 2021
SARB_to hold_rate_hike
The South African Reserve Bank (SARB) is set to hold the repo rate at the 23-25 March…

Please publish modules in offcanvas position.