Listed property unit trust SA Corporate Real Estate Fund has come a long way in terms of market position from its previous incarnation as Martprop Property Fund.

Leading listed retail property fund Hyprop Investments has again outperformed previous distribution growth with its record distribution to unit holders of 225 cents per combined unit for the year to December 2006, up 18,4%.  This marks the fund’s third consecutive year of incremental growth in distributions.  A significant increase in the value of its portfolio saw pre-tax net asset value per combined unit rise 34% to R39,63.

SA Corporate Real Estate, formerly Martprop Property Fund, said yesterday it increases its distributions for the five-months to 18% to 12c to December

Listed property fund managers are eagerly preparing to join the globalising trend of property that will bring more capital,greater liquidity and higher prices. But they're ignoring some bad habits that they will have to change before international investors rate them equal to Australian, American or European funds. 
Funds are devouring each other to crack the R15bn-plus market capitalisation that would attract big international investors. Their managers are debating how best to change their property unit trusts and property loan stock companies into real estate investment trusts (Reits) - the format that is understood throughout the world.

Hyprop has elected to dispose of its units in fellow listed property fund - SA Retail Properties - to the Public Investment Corporation

Leading listed retail property fund Hyprop Investments is set to dispose of its 46% stake in SA Retail Properties (“SA Retail”) to the Public Investment Corporation (“PIC”) for R1,135 billion, electing to exit the fellow property fund in a single cash transaction at a premium to the original acquisition cost.  Hyprop initially acquired its stake in SA Retail at an average price of R9,43 a unit and will realise a surplus from the sale of over R100 million.

SA Retail Properties Ltd will proceed with the R995,8 million acquisition of 10 properties from a portfolio administered by Sharemax Investments (Pty) Ltd.

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.