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Grayprop guns for sustained growth

Posted On Friday, 04 November 2005 02:00 Published by
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Allan Gray Property Trust (Grayprop) returned a healthy 35c (2004: 32,2c) distribution for unitholders in the year ended in September, with the property unit trust indicating the year ahead would show a 10%-12% rise in distributions.

Nicola Jenvey

KwaZulu-Natal Correspondent

DURBAN — Allan Gray Property Trust (Grayprop) returned a healthy 35c (2004: 32,2c) distribution for unitholders in the year ended in September, with the property unit trust indicating the year ahead would show a 10%-12% rise in distributions.

In the year under review, the trust reported a R1,5bn net profit (R753m) after a R1,14bn (R393,7m) adjustment to the fair value of the investments.

Headline earnings a share rose to 38,5c (35,4c).

MD John Rainier said the trust sold nine properties during the period, raising R61,1m against the 2004 valuation of R44,8m.

Work continued on the R110m refurbishment and extension of the N1 City Mall, in which Grayprop has a 58% stake. The project, expected to generate an initial return of 10,2%, is planned for completion in March.

Plans to reconfigure the largely vacant lower level of the Boulders shopping centre and introduce fashion and homeware were "well advanced" and the R35m project was dependent on council approval.

The Brightwater Commons redevelopment was not yet attracting the targeted tenants, but the trust remained committed to transforming the centre into a family-friendly venue with increased traditional retail shopping and significantly reduced reliance on restaurants and bars.

The local authority had approved the Benmore Gardens shopping centre site development plans ahead of alterations to boost retail mix, parking and circulation.


Publisher: Business Day
Source: Business Day
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