The group also declared a final distribution for the six months to end-June of 105 cents per unit, for a total distribution of 2.00 rand per unit, representing a 25% improvement from that declared in 2005.

Announcing its annual results, Spearhead said revenue totaled 103 million rand, up 30% from a year earlier. Net asset value per unit rose 35% to 20.63 rand.

Based on the rise in the company's share price during the year, Spearhead's shareholders recorded total returns of 67%, of which 54% came from capital growth in the share price and another 13% from income yields.

During the year, Spearhead increased the value of its property portfolio to just under 1.0 billion rand, with its long-term debt increasing to 308 million rand and gearing levels falling to 35% from 44% previously.

According to CEO Mike Flax, the company was in a strong position to finance further acquisitions, despite the fast growth it had recorded in 2005. The group added some 200 million rand worth of new acquisitions to its portfolio during the year, he noted.

By the end of calendar 2005, the company's portfolio would be 100% Cape Town-based, a goal the company had been pursuing for some time, Flax added.

As for prospects for the new financial year, the CEO commented; "Our expectation is that in the year ahead shareholders can once again look forward to double-digit distribution growth. The investing environment remains positive and the culture of our company - which is very definitely focused solely and completely on increasing shareholders' earnings - should enable us to take advantage of the current positive economic fundamentals in the country."