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Acucap gains from improved retail sector

Posted On Friday, 21 May 2004 02:00 Published by eProp Commercial Property News
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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

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