Nick Wilson

Property Correspondent

RETAIL property company Siyathenga Property Fund said on Friday the R520m property portfolio it recently acquired should be transferred by the end of next month.

The portfolio, acquired from sister company Pangbourne, would boost Siyathenga’s property portfolio to about R1,45bn.

The six properties were part of a portfolio acquired by Pangbourne from Transnet Retirement Property Trust.

Siyathenga MD Andre von Bülow said almost all properties in the portfolio, with the exception of one office park, were retail. He said the company’s market capitalisation should increase to about R770m.

When Siyathenga listed on August 5 last year, its market capitalisation was about R330m. The company was upbeat about its prospects, saying it was on track to meet its maiden year distribution forecast of 46,33c.

Siyathenga reported an interim distribution of 20c a linked unit for the period from August 5 to December 31 last year. The company’s vacancies remain low at 3,04%.

Von Bülow said one building, Oxford Manor in Illovo, had been responsible for major vacancies.

But Siyathenga had managed to get tenants for the building, leaving only a few small vacancies. This had reduced the company’s overall vacancy figures.

Von Bülow said the most important project was a 30000m² extension to the Boardwalk Shopping Centre in Richards Bay.

He said Siyathenga owned the first phase of 26000m² of space.

The extension, called phase two, is being developed by Pangbourne and Siyathenga with a "view to Siyathenga owning it upon completion".