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More value in listed property

Dec 03 2012 13:54 Sapa


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Johannesburg - South Africa's listed property sector advanced 1.8% last week, bringing the sector to 6.7% for November, Grindrod Asset Management said on Monday.

Grindrod chief investment officer Ian Anderson said in a statement that the sector outperformed both the equity market, which stood at 2.6%, and the bond market, which was at 0.9%.

"However, listed property distribution growth is expected to average between 6% and 8% per annum over the next three to five years," he said.

"(This is) suggesting there is significantly more value in the listed property sector than in the South African bond market.

During the week, Arrowhead Properties reported results for the year, ending in September 2012, which exceeded management's forecast by 2.2%.

The company also expected distributions to grow by 10% in 2013.

Ascension Properties announced that unit holders had approved the purchase of properties from Capital Property Fund.

Anderson said Annuity Properties had announced the successful placement of more than 92 million new units at an issue price of 520c a unit.

Units in a trust are treated like shares and unit holders as shareholders.

 

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