Listed asset management company Provest, which is part of the Investec Property Group, has come out in support of listed property funds outsourcing its management to companies outside the listed entity.

 Property loan stock group Pangbourne Properties reported improved earnings yesterday for the year to June what after was described as a challenging year for the company. 

Industrial-focused property loan stock heavyweight Pangbourne, with a market
capitalisation of about R1,2bn and asset base of R1,57bn, is looking to
expand its asset portfolio still further. This after having recently raised
its stake in rival iFour Properties to 48,8%. 

Pangbourne Properties said yesterday improved vacancy figures and the reduction of the operating costs of certain acquired properties resulted in an increased distribution for the year ended June 30 this year.

Pangbourne Properties' move to increase its holdings of iFour linked units to 34% has sparked speculation that the group is looking to take out iFour's assets.