Listed property unit trust Emira Property Fund on Friday reported double-digit distribution growth for the six months to December in line with the rest of the listed property sector.

The Emira Property Fund has declared a distribution of 40.10 cents per participatory interest for the six months ended on the 31st December 2006 – 10% up on the comparable period in 2005.

Reinforcing its strong growth trend JSE-listed Freestone Property Holdings posted a 22% increase in its distribution for the interim period to December 2006. The distribution growth yielded a total return for the interim period of 38%, exceeding the 30% total return of the SA Listed Property Index.

The market can expect to see even more consolidation in the South African listed property sector this year, with bigger players acquiring smaller companies and friendly mergers between others.

Listed Property Fund, until recently rather slow on the transformation front, are expected to step up black empowerment deal-making over the next few months to comply with the requirements of the Property Sector Transformation Charter signed last week by Government and industry players.

On the back of a strong run over the past three years, the listed property sector is expected to produce a total return of 16% over the next year - made up of 10% growth in distributions and 6% growth in capital.

The South African listed property sector is arguably the fastest-growing sector on the JSE, with about six new property funds having listed on the main board of the exchange in the past two years.

Listed property loan stock heavyweight Growthpoint, which is the largest property company on the JSE, has managed to conclude a significant empowerment deal with no dilution to existing unit-holders.

Listed property unit trust Emira Property Fund reported solid June year-end results with a 15,9% increase in distributions on an annualised basis.

Newly listed property unit trust Emira Property Fund yesterday reported an increase in its distributions for the six months to December of 11% on those of the previous six-month period.