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Property loan stock company Octodec Investments (OCT) continued to produce sustained growth in earnings for the year ended August, reporting a 12.8% increase in the total distribution for the year to 67.7 cents per linked unit.
 
The company's investment property portfolio now exceeds one billion rand.
 
Its retail portfolio, which comprises investments in five shopping centres - Killarney Mall, Woodmead Value Mart, Elardus Park, Waverley Plaza and Gezina Stad - accounted for 64% of the company's property income during the 12-month period.
 
Octodec said it had taken advantage of the buoyant property market by acquiring four properties in the Johannesburg CBD with a combined value of 21.6 million rand while, in total, three properties considered not to be in line with the company's longer term strategy were disposed of for 3.5 million rand.
 
"Over the last year extensive work has been done to enhance the quality of the portfolio. This, combined with a positive outlook for the South African economy as well as a stable interest rate environment and the benefit of the refurbished Killarney Mall will enable Octodec to continue to deliver good growth in distributions per linked unit," the company said.
 
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Publisher: I-Net Bridge
Source: I-Net Bridge