Listed property loan stock company, Paramount Property Fund (Paraprop), has announced a first quarter distribution of 14c per linked unit for the period ending 31 January 2006. This represents a 1/2c increase on last year’s first quarter distribution. 

Paraprop Managing Director, Rodney Squire-Howe said Paraprop’s general practice is to pay three consecutive distributions for the first three quarters, and then “top up” in the final quarter.  “We will be aiming for an 8% growth in distributions for the 2006 financial year”, he said.

Paraprop focuses on good quality assets and intensive asset management.  The company has been very active recently and in December 2005 announced the acquisition of R839 million in new assets, including several landmark buildings. 

“These acquisitions have brought Paraprop’s market cap to over R1 billion,” said Squire-Howe. “The company also has three significant development projects on the cards – the redevelopment of the Pick ‘n Pay Centre in Claremont (a R330 million scheme), the refurbishment of the Grand Parade Centre in Adderley Street and integration with the Golden Acre, and the construction of new residential apartments and retail on its ‘Longkloof Studios’ property in Gardens to create a mixed use development.”

Paraprop’s portfolio is spread countrywide but has a significant focus on the Western Cape.  Paraprop is managed by specialised property services group, Spire Property Services.

Ends

Contact:         
Rodney Squire-Howe
Managing Director
Paramount Property Fund  
(021) 685 4020