The combined unit price has increased from 10.30 rand at 30 June 2005 to 12.60 rand at 31 December 2005. This gives a total return to investors for the six months ended 31 December 2005 of 27%.
"While this is a short-term measurement, Pangbourne's assets are of a long-term nature and the strategy of Pangbourne is to create a solid asset base from which it can produce sustainable earnings into the future at a rate exceeding inflation," the company said on Monday.
The company's occupancy factor at 31 December 2005 was 94.86%, compared to 95.75% at 30 June 2005. "For the Pangbourne type of portfolio, this is considered fully let. Pangbourne's historically short lease expiry profile has protected it against negative market reversions and has enabled the company to take advantage of the high demand for industrial space. The buoyant property market has enabled Pangbourne to improve the largest lease expiry profile from one to three years."
The he highlight for the period was the acquisition of the 1.404 billion rand Transnet Retirement Funds Property Trust (TRFPT) portfolio, which has 48 properties comprising 440,000 square meters of gross lettable area.
"The acquisition of the TRFPT portfolio and the subsequent cashflows which will be generated as a result thereof, create opportunities for Pangbourne to grow its portfolio and to assist in the growth of the specialised funds in which it holds strategic stakes. This will not only increase the asset base under management, but will also create market- related transaction fees and income from the portfolios acquired to achieve the objective of increasing distributions above inflation," the company stated.
"It is the company's goal to make a final distribution for the financial year ending 30 June 2006 that will reflect an increase of no less than that represented by the interim distribution," Pangbourne added.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
