IFour pays out 5,4% more for half-year

Posted On Friday, 18 February 2005 02:00 Published by eProp Commercial Property News
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Listed property loan stock company iFour Properties yesterday reported a 5,4% increase in its distributions for the six months to December last year over the same period the previous year.

Andre Stadler

CEO James Nunes said the increase to 39c a linked unit was due to the growth of the company’s property portfolio, which has expanded from R700m in September 2003 to R1,8bn at present.

"We have a better balance in our property portfolio, having increased our retail and industrial properties," said Nunes.

Retail properties comprise 29% of the portfolio, while industrial and office properties account for 34% each. Previously, the company had a portfolio dominated by offices.

Catalyst Securities MD Andre Stadler said iFour’s distribution growth was in line with expectations, and with what the company had communicated to the market.

Nunes said iFour expected to meet its forecast of 5% distribution growth for the 2005 year. He said a distribution of 82c for the full year was expected.

"They are in line with distributions growth expectations from the sector, on average," Stadler said.

Meanwhile, The Banker, a Financial Times publication, has voted PROPS, SA’s first commercial mortgage-backed securities programme, as one of its deals of the year for last year.

The programme was launched by Absa Bank, iFour and sister company Pangbourne Properties in October last year.

The deal promises to fundamentally transform the property industry, as it provides for cheaper debt.

IFour said the programme resulted in the repayment of R320m and R480m worth of borrowings from Standard Bank and Absa respectively. This was funded by an issue of bonds listed on the Bond Exchange of SA.

Last modified on Tuesday, 13 May 2014 11:11

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