ALLAN Gray Property Trust (Grayprop), the largest property unit trust with a market capitalisation of R2.9 billion, has declared distributions for the year ended September 30 2003 of 30.9 cents per unit, marginally up on last year, and in line with the forecast in its 2002 annual report.

While some large property funds are optimistic about the market, others believe it could stay flat for the time being despite reports of excellent returns.

Property unit trust company Allan Gray Property Trust (Grayprop, GRY) declared a distribution for the six months ended March 31 of 15 cents per unit - in line with the forecast in the annual report.

Investors in property unit trust Allan Gray Property Trust (Grayprop) are having to cope with a serious case of stalled earnings growth.

TWO events shook the listed property sector of the JSE Securities Exchange SA last week: the merger between Grayprop and Grayvest, and Primegro's acquisition of Richway's retail properties.

The operations of Allan Gray Property Trust (Grayprop) and Allan Gray Property Investments (Grayvest) are to be merged, it was announced on Friday.