The asset value of the SA Corporate Real Estate Fund would increase to more than R7,8 billion from the current R6,8 billion through the acquisition of a portfolio of 51 properties from Collins Property Group (Pty) Ltd and Buffet Investments ( Pty) Ltd, the fund said today

Friday, 11 May 2007 02:00

SA Retail earnings rise

SA Retail reports a 9.2 percent growth to 77.7 cents in distributable earnings for the year ended March

SA Retail today reported distributable earnings for the 12 months to March 31 of 77,7 cents per linked unit - a 9,2% growth over the 71,2 cents for the 12 months to March 06

A due diligence investigation of the portfolio is under way

SA Corporate Real Estate Fund has entered into agreements with Collins Property Group to acquire a portfolio of 52 properties in excess of R1 billion, potentially growing the market cap of the fund to over R9 billion.

The merger of SA Corporate Real Estate Fund and SA Retail Properties Ltd to create a R7 billion diversified fund moved a step closer today.

JSE-listed SA Retail Properties, which has a R2,2bn property portfolio, said yesterday that its distributions had increased 13,7% to 37,47c a linked unit for the six months to September.

SA Retail Properties Ltd lifted distributable income from its R2,2 billion portfolio by 13,7% from 32,95 to 37,47 cents per linked unit for the six months to September. Posting interim results today, the property loan stock company also announced BEE partners and said a relationship agreement covering the obligations of the parties would be signed shortly.

The 13,7% distribution growth achieved by SA Retail Properties Ltd for the six months to September was above market expectations and demonstrated its ability to deliver to unit holders free of the impact of corporate action by Hyprop, said Peter Sparks, managing director of SA Retail.

Listed property loan stock company SA Retail Properties was on Wednesday blocked by unit holders from issuing units as part-payment for property transactions.

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