Listed property loan stock heavyweight Growthpoint, which is the largest property company on the JSE, has managed to conclude a significant empowerment deal with no dilution to existing unit-holders.

LISTED property unit trusts Capital Property Fund and Centrecity Property Fund (Cenprop) announced yesterday that Mike Cullabine had resigned as a director of Property Fund Managers, the management company handling the two funds.

Property loan stock company Growthpoint Properties, which is managed by the Investec Property Group, posted solid results for the 12 months to June 30 this year, attributing surges in revenue and net property income to a large acquisition drive.

The long-awaited listing of large numbers of property portfolios held by institutions has begun.

Big isn't always beautiful, as the past year's experience shows