Loan stockcompany improves its standing

Posted On Friday, 05 March 2004 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

 

March 5, 2004 Growthpoint Properties Limited, South Africa's largest listed property loan stock company, announced an interim distribution of 33.5 cents per linked unit for its six-month period ended December 31.

Norbert Sasse

This represents a 4.7% increase in distribution over the comparable six-month period in 2002. The payment of the interim distribution will take place on March 23.

Distributable earnings increased to R209.8 million for the interim period ending December 2003, from R109.6m for the same period ending December 2002 reflecting the doubling of size of the company after the merger with Primegro Properties Limited, effective May 2003.

"Of notable benefit to linked unit holders is the increase in tradeability and liquidity of Growthpoint linked units experienced post the merger with Primegro, which was a strategic objective of the merger," said Norbert Sasse of Growthpoint. 


"For July to December 2003 approximately 90 million Growthpoint linked units, valued at more than R540m, traded on the JSE.

"Tradeability has improved to R98m a month, up from an average of R11m a month prior to the merger, while volumes have increased to an average of 2.6% of total linked units in issue compared to 0.75% before the merger," said Sasse.

Growthpoint is managed by Investec Property Group Limited. - Sarah-jane bosch, Cape Times

Last modified on Saturday, 10 May 2014 12:57

Please publish modules in offcanvas position.