Oryx Properties, which is listed on the Namibian Stock Exchange and has a significant South African shareholding, said on Friday its distributions for the year to June had surged 11% to 78c a linked unit.

Nick Harris, CEO of JSE-listed property loan stock company Ambit Properties, which owns 30% of Oryx, said the results compared "favourably" with the distribution growth from the South African listed property.

The recent results from the South African listed property sector have reflected positive double digit growth in distributions.

Harris said Oryx, which is the only trading listed property company on the Namibian Stock Exchange, had a portfolio of 17 properties worth N$561m in and around Windhoek.

"The 11% growth in distributions is healthy by South African standards and the capital appreciation, which was lagging, increased 58% from 510c a unit to 805c a unit in the year," he said.

Retail property makes up about 67% of the property portfolio, with offices and industrial property making up 11% and 22% respectively.

Harris said the bulk of the retail exposure was in Maerua Mall, the premier shopping centre in Windhoek. The mall consists of 39000m² of retail space, 3400m² of offices and a Virgin Active gym. During the year under review a 19300m² extension was completed. The retail space is let to South African retailers, franchisees and local retailers.