The rise in earnings is attributed to the acquisition of Pioneer and CBD Property Fund, whose results have been incorporated for the first time.

The acquisitions, which came through at the beginning of April, have almost doubled the number of properties Pangbourne has under management.

Headline earnings a unit rose 7,2% to 86,09c while the distribution a unit was unchanged at 88c.

Pangbourne said the overdevelopment of office space, poor economic growth and the increase in interest rates had affected the property sector negatively.

Business Day