Vividend charts growth for its property portfolio

Posted On Monday, 11 April 2011 02:00 Published by eProp Commercial Property News
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Property loan stock company, Vividend Income Fund says it is continuing to investigate new value-enhancing property assets as it grows its portfolio.

Ari Jacobson

The company, which owns properties including Clearwater Crossing on the West Rand and three Absa Bank buildings, posted a total distribution per linked unit of 9.96c for the six months to February.

The company said on Friday it was satisfied with the initial distribution given that the listing was only completed in November — three- and-a-half months prior to the end of the interim period.

Vividend was incorporated in February last year and acquired its first property and associated letting enterprise with effect from September. It is still in the process of taking transfer of properties acquired.

The company’s acquisition of the Rynfield Shopping Centre was still undergoing a due diligence investigation as a result of an extension to the due diligence period from March 11 to today.

The company said the Church Street (Pietermaritzburg) and the Beaufort West Shopping Centre properties were still subject to conditions precedent.

Vividend said it continued to secure the necessary income security from sellers to protect contractual income streams from the negative effects of vacancies and reversions in the first year of ownership.

The company said it continued to explore a consistent and encouraging stream of opportunities that fall within its primary scope of targeting value and value-enhancing opportunities in retail, commercial and industrial property.

Vividend is still relatively small, with a portfolio valued at less than R1bn. The plan was to grow the fund’s portfolio to R1,5bn by the end of next year.

London-based Credo, equity asset managers, and SA’s Element Investment Managers had invested R150 million in the fund.

Last modified on Wednesday, 23 April 2014 13:30

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