Growthpoint Properties Limited and Metboard Properties Limited report double digit distribution growth

Growthpoint Properties Limited today announced a final distribution for the six months ended 30 June 2006 of 42,2 cents per linked unit bringing Growthpoint’s total distribution for the year  to 81,3 cents per linked unit, an increase of 11,1% compared to the 73,2 cents in the previous year.

The early declaration of distribution by South Africa’s largest JSE-listed property holding and investment company has been made to coincide with the special distribution made by Metboard Properties Limited, in terms of Growthpoint’s acquisition of Metboard.

Growthpoint Properties Limited CEO Norbert Sasse says that the company’s property portfolio continues to perform well. “The recent increase in interest rates and the correction in listed property prices, has not had an impact on the strong underlying property fundamentals,” notes Sasse who is confident that the good growth in Growthpoint’s distributions experienced during the year to 30 June 2006 will be maintained in the year ahead.

Metboard’s special interim distribution for the three months ended 30 June 2006 of 11,08 cents per linked unit represents an increase of 11.9% compared to the pro-rated distribution of 9.9 cents for the comparable period in the previous year, being half of the 19.8 cents distributed for the six months ended 30 September 2005.

Trade in Metboard linked units is scheduled to be suspended from the commencement of business on Monday, 14 August.

 The respective distributions will be paid to linked unitholders of both companies on Monday, 21 August 2006. Metboard’s delisting is also scheduled to be effective from this day as will the issue of new Growthpoint linked units to Metboard scheme members.

In terms of the scheme, Metboard linked unitholders will receive 1 new Growthpoint linked unit for every 1.9 Metboard linked units held, rounded to the nearest whole number.

Revenue from Metboard’s properties will accrue to Growthpoint from 1 July 2006 and the additional Growthpoint linked units issued to scheme members will participate in Growthpoint’s earnings from 1 July 2006.

Growthpoint’s audited preliminary results announcement is expected to be published in the last week of August.

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Issued: 
Growthpoint Properties Limited
Norbert Sasse
Tel:      011 286 7306
Cell:     083 632 1599

 
Metboard Properties Limited
Estienne de Klerk
Tel:      011 286 7642
Cell:    082 553 0873