WHILE some of the better performing listed property loan-stock companies believe that there is room for a positive rerating, commentators say that this has already taken place and if there is another it will be small.

A year ago Mike Flax, Chief Executive Officer of Spearhead Property Holdings, the JSE listed property loan stock company, said that he expected to be able to triple the company's R350 million property portfolio within five years

Fulfilling a promise made just over a year ago that Spearhead Property Holdings would significantly increase both the size and the quality of its property portfolio, Mike Flax, CEO of the company, has committed Spearhead to R110m capital expenditure to purchase three major landmark Cape buildings.

Stock buoyant: units buck market trend with 44% growth Spearhead builds on its property share success.

Cape Town - For the seventh year in a row, Spearhead Property has outperformed the relatively flat or negative growth in shareholder capital reported by its peers in the local loan stock market.

THE year past was a tough one for the South African property sector but, with the recent strengthening of the rand and the likely four percentage point drop in interest rates before the end of 2003, the bull run in Cape property, halted in November 2001 when the rand began its downward spiral, is now again gaining momentum.

Property loan stock company Spearhead Property Holdings and black empowerment group Lukhanyo have formed a joint venture property trading operation.

PURSUING its growth plan which is designed to add some 20% annually to its asset base and turnover, Spearhead Property Holdings, the JSE-listed property loan stock company, has formed a joint venture with the Lukhanyo group, one of the fastest growing black empowerment companies in South Africa.

THE property syndication industry has been brought to a standstill largely as a result of a lack of liquidity, says Mike Flax, MD of Spearhead Property Holdings.

SPEARHEAD Property Holdings, the fast growing Cape Town based property loan stock company, has lived up to the promises that it made with its half-year results in February this year.