Madison Property Fund Managers has declared a maiden distribution of 39.0 cents per linked unit, 16.5% higher than the forecast distribution of 33.47 cents

Listed property asset manager is expanding into the overseas property market and intends to acquire 50% of the management company of UK-based property fund CIREF

Madison Property Fund Managers today announced its excellent maiden results as a JSE-listed company with distributable income of 39 cents per linked unit for an eight month financial period to 31 December 2006. Distributable earnings of R74,1 million exceeded the forecast of R63,6 million by a noteworthy 16,5%.  This equates to a 47,8% total return to linked unitholders since listing on the Financial Real Estate – “Real Estate Holdings and Development Sub – Sector” of the JSE Limited on 7 June 2006.

Standard Bank has the key to winning control of Grayprop, the blue-chip property unit trust (PUT) - not through the 24% share in Grayprop's management company (manco),but via the pre-emptive right to buy Allan Gray's 76%, which has so far gone unnoticed.

The unit price of Madison Property Fund Managers, the first property asset management company to list on the JSE - in June last year - has increased about 60% since it first listed.

The market can expect to see even more consolidation in the South African listed property sector this year, with bigger players acquiring smaller companies and friendly mergers between others.

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.

Listed property loan stock company Redefine Income Fund is expecting 19% growth in distributions for the financial year to August next year — this due to the solid performance by its property portfolio as well as its acquisition of top-performing Cape-based Spearhead Property Holdings.

Hyprop Investments and black-owned Vunani Properties have boosted the portfolio of Vunani Property Investment Fund by buying R67m in property