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Exceeding budgeted expectations, South Africa’s largest JSE-listed property company declared a distribution of 51,1 cents per linked unit for the six month period to 31 December 2007, compared to the 45 cents per linked unit in the comparable period

Offshore Investors are finally starting to buy South African listed property's growth story as the R100bn sector begins to offer the size and liquidity required by overseas asset managers

Growthpoint Properties Limited, South Africa’s largest listed property company with property assets exceeding R22 billion and a market capitalisation of close to R17 billion, today announced that it has successfully raised R1.65 billion to fund acquisitions and developments in progress

The latest round of results from listed property funds confirm that the sector has more than delivered on its earnings growth promises

Strong property fundamentals, improved letting and cost containment helped boost Growthpoint Properties’ distributions 14,5% to 93,1c, a linked unit for the year to June

Growthpoint Properties Limited this week announced a distribution of 93,1 cents per linked unit (cplu) for its financial year ended 30 June 2007. The results show a 14.5% increase on the distribution of 81, 3 cplu achieved by the fund in its 2006 results

Listed Property in South Africa is finding its way on to the buying lists of leading international pension fund/asset managers now that the sector is starting to offer the size and liquidity required by offshore investors

Listed property companies have fixed the interest rates on portions of their debt to mitigate this risk

In a tactical transaction which has already proven beneficial to its linked unitholders, Growthpoint Properties Limited fixed interest rates for a total of R1,3 billion of floating rate debt the week prior to Reserve Bank Governor Tito Mboweni's announcement of a 0,5% interest rate increase

Investec Property Group is being showered with praise for moving its external management of Growthpoint into the listed property fund