Commenting on the results, Andre von Bülow, managing director of Siyathenga, says, “I am very pleased with our performance.  The 10,6% increase comes off the back of solid property performances from a high quality portfolio.”

The refurbishment of the 28 000 square meter Richards Bay Boardwalk Centre is proceeding according to plan and will be 100% let even before it is opened in November 2007.

The R400 million extension to the Board Walk is an exciting project that has been very well supported by tenants and is expected to open in April 2008. It is already over 90% let, and is anchored by Woolworths, the Hub, Checkers, Game, Foschini and Truworths.  This extension measures 38 000 square meters, which will bring the size of the combined Centres to a total of 66 000 square meters.  Pangbourne and Siyathenga anticipate that the extension will be transferred to Siyathenga before the end of the current calendar year and this will bring Siyathenga’s asset base to over R2 billion.

According to Von Bülow, Siyathenga has been negotiating for several months with an empowerment partner and it is anticipated that an announcement in this regard will be made in July.

“We are very excited about the fact that it is a broad-based transaction and that our partners are young up and coming entrepreneurs,” he says.

Siyathenga has embarked on a multi-borrower securitisation programme with Pangbourne, Monyetla and iFour.  It is anticipated that this will be finalised within the next two weeks and will result in a reduction of the company’s future interest bill.

“I am extremely positive about our prospects for future growth.  Our buildings are performing well and we are experiencing an excess demand for space which keeps our vacancy levels low.  Management expects future growth to be in line with the current year’s growth,” concludes Von Bülow.