This is the first set of results for the group following the incorporation of the old Growthpoint portfolio of nine properties and that of the 51 properties of the Mine Pension Funds. It also included that of the recently acquired Meerlus office and the Beacon Bay retail centre.

The group said because it had gone through a radical restructuring and changed its year end, the results could not be compared with the previous periods.

Growthpoint said in spite of that, the distributions continued to be in line with the forecast put out in a circular sent to unit holders in July and one made when it was raising the capital to buy the portfolio of Mine Pension Funds.

On an annualised basis, the actual distributions for the 10month period September 2001 to June 2002 of 54,16c a linked unit amounted to 65c a linked unit, 4% ahead of the forecast made at the time of the capital raising.

Growthpoint agreed in May to dispose of the Nestlé building in Pinetown for R53m. Growthpoint's share price closed up 5c to 470c yesterday.

Business Day