Old Mutual has bought The Link shopping center in Claremont, Cape Town, from Momentum Group Ltd for R67-million, the company announced.

Property investment holding group Atlas Properties is set for a ninth consecutive increase in earnings, says the group's MD, Ian Raubenheimer.

Cape Town - Hybrid property loan stock companies were finding more favour among investors despite the fact that they continued to be controversial in the industry, Coronation said yesterday.

Investors in property unit trust Allan Gray Property Trust (Grayprop) are having to cope with a serious case of stalled earnings growth.

Neil Muller Construction has contracted four significant projects in Cape Town with a total value of R38.6 million, which will run through to the middle of the year.

Each of the four projects is repeat business that was awarded by previous clients. The first project began construction on January 24, and consists of the extension and alteration to the distribution warehouse of Fruitair, an exporter of perishable and non-perishable food products.

The warehouse is situated in Freedom Way in Montague Gardens, and the R6.2 million project will be completed in June this year.

The company was also awarded a R15.7m contract for Old Mutual Properties for the extension of the distribution warehouse of TFD Network Africa, in Phumelela Park, Montague Gardens.

TFD Network Africa is a logistics distribution company for food products. Construction will also run until June.

Neil Muller Construction was also contracted for the construction of phase four of the Store-All mini-storage facility in Pickwick Road, Woodstock.

The six-month contract will also begin this month Following the completion of phase one of the Nestle production facility in Stikland, Bellville, last year, NMC has been awarded the R12.9m contract by Lyons Properties for phase two.

Paramount Property Fund (Paraprop) has announced the acquisition of 13 commercial properties to the value of R161 million.

Survey cites oversupply, lower income

PROPERTY loan stock company Paramount Properties has budgeted for an 8% improvement in distributions to 86,4c a linked unit for the current financial year, going against general expectations of flat distributions in the listed property sector.

But some PUT’s and PLS’s are starting to look cheap.

SPEARHEAD Property Holdings, the fast growing Cape Town based property loan stock company, has lived up to the promises that it made with its half-year results in February this year.