Listed property loan-stock company, iFour, continues to deliver on its promise of “sustainable growth in distributions to unitholders”.  James Nunes, CEO of iFour, is pleased to announce that a distribution of 39 cents per linked unit has been declared for the period ended 31 December 2004. This is an increase of 5% over the comparable period of the previous year. 

“We have consolidated iFour’s  position to deliver into the future by increasing the value of the portfolio from R0,7 billion just over a year ago to the current R1,8 billion.  Strategic acquisitions have enabled  iFour to achieved a more balanced usage spread with retail now making up 29% and industrial 34% by value of the portfolio” said Nunes.
 
In addition, the company successfully implemented the first Commercial Backed Securitisation Program in South Africa in November 2004.  This form of funding, which reduces the costs of debt finance, underpins iFour’s ability to sustain returns to linked unit holders in the longer term. The iFour securitisation programme has been selected as one of the UK magazine’s The Banker's “Deals of the Year 2005”. The award recognises this transaction as one of the best financial transactions executed in 2004 in 48 countries around the world.

“We anticipate that distribution for the year 2005 will be 82 cents as previously stated in the company’s annual report,” said Nunes.

Ends
16 February 2004

Issued on behalf of iFour
Contact: James Nunes, Managing Director
Tel: (011) 889 8700 or 082 455 2283

For further information, please contact Corporate Communications Consultants
Contact:  Debbie Brewitt
Tel:  (011) 783 8926 or 084 616 7000

About iFour

iFour is a property investment company, which listed on the JSE on 10 June 2002. Its diversified portfolio of commercial, retail and office properties, was valued at over R1,8 billion in December 2004.

The company’s assets are spread over four provinces - Gauteng, the Western Cape, KwaZulu Natal and the Free State.  Pangbourne owns a 48% stake in iFour, and also conducts the company’s property management.

iFour’s vision is to become a R2 billion market cap company, offering shareholder spread, liquidity and security of earnings. 
iFour combines innovation, quality and service integrity to provide investors with the opportunity to participate in a well structured, professionally managed, property investment portfolio that yields sustainable returns.