Pangbourne lifts payout in line with forecasts

Posted On Monday, 05 September 2005 02:00 Published by eProp Commercial Property News
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The distribution is in line with the company's vision of growing 'distributions above inflation on a sustainable basis'

Craig HutchisonIndustrial property loan stock company Pangbourne Properties reported this week that its distributions to unit-holders had increased 5% to 96c for the year to June, in line with its forecasts.

Pangbourne financial director Craig Hutchison said that the distribution was in line with the company's vision of growing "distributions above inflation on a sustainable basis".

Although the 5% increase is below the average 8% to 12% increase posted by listed property companies which reported results recently, Hutchison said that those companies achieving higher returns were those with large exposure to the country's booming retail market.

"We are very happy with the results. We have found the industrial portfolio is performing well. We have a shorter lease profile which gives us more upside in the future when leases come up for renewal," he said.

Hutchison said Pangbourne had also delivered a total annual return of 56%.

Total returns include unit price movement and distributions.

Pangbourne also said it was at an advanced stage in discussions with an empowerment company, Yard Capital, in a "first step towards meeting the equity ownership targets set out in the draft property sector transformation charter".

"It is expected that such a transaction will provide Pangbourne with broader property acquisition opportunities, said Pangbourne.

The company said its board had approved the transaction in principle and that further details of the transaction of a proposal to "extend participation therein to staff" would be announced in due course.

 

Last modified on Monday, 05 May 2014 16:05

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