Paraprop MD pleased as moderate growth bears fruit

Posted On Thursday, 22 September 2005 02:00 Published by eProp Commercial Property News
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Listed property loan stock company Paramount Property Fund (Paraprop) has declared a third-quarter distribution of 13c for the period to July, in line with the company's objective of maintaining moderate growth.

Property-Housing-ResidentialParaprop MD Rodney Squire-Howe says the company has a sound portfolio that is beginning to see growth in rental income. Vacancy levels have dropped to 3% and management is actively managing the portfolio.

The company has undertaken refurbishment and upgrade work at several properties including Ruimsig Boulevard and Homestead in Rivonia.

Management has also completed two new developments: the apartment conversion project at 34 St Georges in Cape Town and the retail scheme for Mr Price at Tygervalley.

Squire-Howe says Paraprop is in the planning phases of significant redevelopment schemes on several of the fund's properties, including the Claremont Pick 'n Pay centre and Golden Acre retail.

The company has recently sold more than R130m worth of properties and has acquired several new ones, including the Cowie Centre in Durban and GKN Chep in KwaZulu-Natal.

Squire-Howe says Paraprop is well positioned for the future, and believes the company will show "a slight improvement" in growth for the year-end distribution.


Last modified on Monday, 05 May 2014 14:14

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