Struggling Rondebosch-based property trust Paramount, a self proclaimed ‘new generation’ contender, is looking to crawl out of a low yielding mire with the help of banking conglomerate Absa.

After a slump in interim income distribution, unit holders will be overjoyed to learn that management has taken "the first step in a process that will
see Paraprop establishing itself as a leading niche property loan stock". This message of hope, from MD Rodney Squire-Howe, could well beg the
question from your average cynic: What have they been doing up to now?Taking a chance on a capital structure that blew up in their faces is a fair
reply. 

Absa has probably saved Paraprop management by taking a R62m stake (34%) in this property loan stock company (PLS).

The listed property loan stock company, Paramount Property Fund (Paraprop) has concluded a deal with Absa Bank, whereby Absa will subscribe for 17 537 000 Paraprop linked units with effect from September 1 2003.

LISTED property loan stock company, Paramount Property Fund (Paraprop), has declared a quarterly distribution of 12 cents for the quarter ended January 2003, which is, as anticipated, a significant drop in distribution per unit compared with the same period last year.

Property investment group Paramount Property Fund has emerged from a difficult trading environment with an 8% increase in its distribution, but has hinted at more hardship ahead.

PROPERTY investment group Paramount Property Fund has emerged from a difficult trading environment with an 8% increase in its distribution, but has hinted at more hardship ahead.

PARAMOUNT Property Fund on the Acquisition Trail Paramount Property Fund (Paraprop), listed on the JSE Securities exchange earlier this year and rated one of South Africa's top property funds, is on the acquisition trail to boost its portfolio of properties to R1-billion by end October.

Fund managers do not expect earnings growth; period of consolidation.