Ambit sets sights on R1bn mark

Posted On Monday, 23 May 2005 02:00 Published by eProp Commercial Property News
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Listed property loan-stock company Ambit Properties says it plans to build up its assets to R1bn this year.

Property-Housing-ResidentialAmbit CEO Nick Harris said the company, which listed on the JSE Securities Exchange SA early last year, also planned to maintain a loan-to-value ratio of less than 50% and boost its market capitalisation to more than R500m.

At the moment the company has a market capitalisation of R400m and property assets worth R658m, including a R75m stake in Namibian-listed Oryx Properties.

Harris said the company would be looking for all types of commercial properties: retail, industrial and office premises.

The company is trading under a cautionary notice and he could not say whether Ambit was in negotiations to acquire properties.

Harris said the company’s vacancy levels had also remained low at less than 2%.

Ambit on Thursday reported its interim financial results for the six months to March. It announced a distribution of 13,10c a linked unit and said the distribution growth was in line with the forecast in its listing prospectus.

The company also said that during the six-month period, trade in its units had amounted to a "meaningful 32,2% of the units in issue". Harris said he was "quite comfortable" with the fund’s liquidity levels.

"We have more than 1400 unitholders, which for a small fund is very good. We have always targeted the smaller investor and there is a constant volume of small trade going through," he said.

Harris said this meant the smaller investor had room to buy in and out of Ambit.

The company said any purchases would be funded by a combination of cash and the issue of new units and debt.

Last modified on Friday, 09 May 2014 13:04

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