Spear REIT Limited has declared a first dividend of 16.75% over their forecast in the company’s first set of financial results since listing on the Johannesburg Stock Exchange in November last year.

A prime piece of land in Bantry Bay, once a land claim belonging to the Tramway Trust, is now under development and set to become the biggest development ever in Cape Town.

In SA law provision has been made to protect a tenant in the event of an owner selling his property while a lease in still in place.  “Huur gaat voor koop” comes into effect to protect the tenant’s right to the property while his lease still stands.

What does the future hold for PUTs?

Listed property loan stock company Redefine Income Fund is expecting 19% growth in distributions for the financial year to August next year — this due to the solid performance by its property portfolio as well as its acquisition of top-performing Cape-based Spearhead Property Holdings.

Redefine Income Fund today announced a first quarter distribution of 11,8 cents per linked unit for the period to 30 November 2006.  This includes income from Spearhead Property Group from July to November 2006.

The Supreme Court on Friday 17th November sanctioned the Redefine Income Fund / Spearhead Property Holdings merger for which an overwhelming majority of the shareholders in both groups had already given their approval.  The merger is therefore now a fait accompli and Spearhead will delist from the JSE within the next week.

The Competition Commission has approved of the merger of Redefine Income Fund and Spearhead Property Holdings without condition

In excess of 58% of Spearhead's unit-holders voted in favour of a takeover offer from Redefine Income Fund at the Spearhead Special Meeting called today (Tuesday 24  October).  The motion was carried with 100% of those voting in favour of the takeover by Redefine.  

One of the advantages of REITs is their tax efficiency