iFour delivers on its shareholder commitments

Posted On Thursday, 26 August 2004 02:00 Published by eProp Commercial Property News
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Listed property loan-stock company, iFour, has had a successful year in delivering on its commitment to shareholders.

Property-Housing-ResidentialThe distribution of 78 cents, above the projected 75 cents, and growth in the iFour share price from R5.30 to R6.15 at year end translate into an annual return of 31% to linked unit holders.

In addition, the company has increased its portfolio from R700 million to more than R1,7 billion through a number of major acquisitions during the year.  iFour now owns 108 buildings throughout major centres of the country.

According to Managing Director James Nunes, the distribution of 78 cents was in line with the update in the June circular to shareholders, which also included a forecast of 82 cents for 2005.

Nunes said iFour has increased its exposure to the retail sector and has continued to focus on obtaining “A” grade properties which meet its strict acquisition criteria. “The retail holdings of the portfolio have increased from 17% to 25% in the past two years,” he commented.

Exposure to warehouse and distribution remained the same, while the office component of the portfolio decreased from 50% to 39%.  According to Nunes, the portfolio vacancy remained at a low 4%, due to management’s focus on tenant retention and a balanced lease expiry profile. 

“iFour’s increased exposure in the retail and industrial sectors are in line with our strategy of investing in those sectors of the market which are likely to show stronger growth,” he explained.

Nunes said the company’s investment strategy remained focused on acquiring properties in secure parks and nodes along or near activity corridors.  In the warehouse sector, the company has continued to acquire modern and accessible properties, based on the above criteria, which promise good capital growth in the medium term. Retail acquisitions have been focused on neighbourhood or convenience centres which dominate their catchment areas. 

“After iFour’s rapid expansion, the emphasis now is on extracting value from the portfolio and maintaining sustainable distributions to shareholders,” Nunes concluded.

23 August 2004

Issued on behalf of iFour

Contact: James Nunes, Managing Director

Tel: (011) 889 8700 or 082 455 2283

For further information, please contact Corporate Communications Consultants

Contact:  Debbie Brewitt

Tel:  (011) 783 8926 or 084 616 7000

About iFour

iFour is a property investment company, which listed on the JSE on 10 June 2002. Its diversified portfolio of commercial, retail and office properties, was valued at R1,4 billion in December 2003.

The company’s assets are spread over four provinces - Gauteng, the Western Cape, KwaZulu Natal and the Free State.  Pangbourne owns a 48% stake in iFour, and also conducts the company’s property management.

iFour’s vision is to become a R2 billion market cap company, offering shareholder spread, liquidity and security of earnings.  The vision includes portfolio growth and diversification through the acquisition of prime offshore property, over the next five years.

iFour combines innovation, quality and service integrity to provide investors with the opportunity to participate in a well structured, professionally managed, property investment portfolio that yields sustainable returns

Last modified on Wednesday, 14 May 2014 09:26

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