Commenting on the results, James Nunes, managing director of IFour, says, “We have experienced a successful year in laying the foundations for the future by actively pursuing our strategy of increasing investment in decentralised and rural shopping centres and value centres. iFour has signed acquisitions amounting to R492 million and a further three acquisitions at a value of approximately R400 million are currently close to finalisation.”

Regarding the distributions, Nunes says “We have seen a continued growth in distributions in line with our commitment to deliver sustainable returns to our linked unit holders.  The property portfolio was revalued by  R456 million or 19,8% and stands at R2,8 billion.  We have disposed of fourteen properties which we believe in the long term would not perform for R124,6 million.  This realised a cash profit of R25,3 million.”

Nunes is of the opinion that in the medium to long term the prospects for the retail property market are positive.  iFour is actively increasing its positioning in the rural retail market to take advantage of this growth in partnership with developers.  iFour has maintained the high quality of its industrial and office properties, which are experiencing increases in rentals due to the general shortage of rental space.  At year end the occupancy level of the portfolio was at 97,4%.

“I am positive about our prospects for future growth.  Given the continuation of the current favourable economic environment, there is reason to believe that iFour will continue to deliver an increase in distribution during the coming year,” concludes Nunes.