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Metboard attains R1 billion market capitalisation

Posted On Thursday, 02 December 2004 02:00 Published by eProp Commercial Property News
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Metboard Properties Limited’s market capitalisation has exceeded R1 billion for the first time resulting from the continued growth of the fund and the buoyant performance of the listed property sector.

Jeffrey SherIn addition, Metboard’s linked units traded at a new all time high of R4.00 on the JSE Securities Exchange South Africa on Friday, 26 November.

“The improved linked unit price performance, together with additional linked units issued in respect of acquisition considerations facilitated the fund exceeding R1 billion market capitalisation,” explained Metboard Properties’ joint fund managers Estienne de Klerk and Jeffrey Sher. They further went on to attribute the 19.4% increase in the linked unit price since 1 November 2004 to improved market perception of the quality of properties owned by Metboard, the improvement of the industrial property environment and the price being “cum” the interim distribution of 18.5 cent that will be paid to all registered linked unitholders on 13 December 2004.

Metboard issued 14.4 million linked units on 30 November 2004 in respect of portions of the 22 properties acquired from Lyons Corporate Lease Fund Limited for R176.4 million and 8 properties from African Tubes and Pipes for R93 million.

Metboard, managed by Investec Property Group, has a portfolio of 180 industrial properties with a gross lettable area of 1,4 million square metres and a low vacancy rate of 3.6% across its portfolio. In the past 2 years the management have actively focused on selling the poor quality, non-performing properties and acquiring good quality A-Grade properties and letting thereby reducing vacancies from over 10% 2 years ago.

 

Last modified on Wednesday, 14 May 2014 12:38

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