Paraprop bumps up distribution on growth

Posted On Monday, 20 June 2005 02:00 Published by eProp Commercial Property News
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Paraprop has boosted its distribution for the six months to April by 4%.

Property-Housing-ResidentialListed property loan stock company Paramount Properties (Paraprop) has boosted its distribution for the six months to April by 4%.

Paraprop, which declared a quarterly distribution of 13c bringing its total distribution for the six months to April to 26c, said the distributions were in line with its distribution policy of paying a conservative distribution during the first three quarters and then increasing it during the last quarter’s payment.

MD Rodney Squire-Howe said the performance of the company’s property portfolio had been good.

"We are starting to see some rental growth, off a low base, and our vacancies have improved. As at 30 April 30 this year, only 2,7% of our portfolio was vacant, compared with the market average of probably 5%-8%," said Squire-Howe.

Paraprop said that it had made a number of acquisitions during the period under review, including the acquisition of the retail component of the Golden Acre centre in Cape Town for R130m, and an industrial property in KwaZuluNatal for R12,2m.

The company also bought two other properties during the period.

Paraprop has also agreed to dispose of a portfolio of 15 properties to fellow listed property loan stock company Pangbourne for R125m.

This transaction is still subject to the completion of a due diligence exercise by Pangbourne, the approval of both Pangbourne’s and Paraprop’s boards, as well as the approval of the Competition Commission.



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