Metboard yesterday reported a total distribution of 39c a linked unit for the year ended March 31 this year, a minor increase on the 38c reported the previous year.

The fund's manager, Jeffrey Sher, said the results were in line with the company's expectations.

Metboard's year-end results showed that revenue and net operating income for the year increased 12,97% and 19,36% respectively.

The company also said its total assets had increased 28,8% year-onyear with investment properties accounting for 26% of this increase.

"This is in line with our stated policy of growing our investment properties and was achieved through the acquisition of 21 additional properties in 10 different acquisitions for a total cost of R216,6m," Sher said.

The company also off-loaded some properties in order to refine its property portfolio.

Metboard also stands to benefit from two post-balance sheet events which saw it concluding two transactions, involving the acquisition of 29 properties.

The first transaction was the acquisition of 22 properties from Lyons Corporate Lease Fund for a total cost of R176,4m, while the second transaction was for the acquisition of seven properties from African Tubes & Pipes for a total consideration of R87m.

Sher said the "beauty of the Lyons deal" was that the properties being acquired were of a "better quality" in new, more modern industrial areas like Aeroport in Johannesburg.

He said the African Tubes & Pipes deal was yield-enhancing for Metboard.

With this deal, and the Lyons deal, Metboard would have R1,7bn in assets.

"Our next objective is to reach the R2bn plus mark."

Sher said Metboard's vacancies remained low at 4,99%. "We're not expecting any significant increases in the year," he said.