What does the future hold for PUTs?

More South African listed property companies and funds are expected to branch out overseas in the future, following similar moves in that direction by a number of local property companies, say property market analysts.

Madison Property Fund Managers has declared a maiden distribution of 39.0 cents per linked unit, 16.5% higher than the forecast distribution of 33.47 cents

Listed property asset manager is expanding into the overseas property market and intends to acquire 50% of the management company of UK-based property fund CIREF

Madison Property Fund Managers today announced its excellent maiden results as a JSE-listed company with distributable income of 39 cents per linked unit for an eight month financial period to 31 December 2006. Distributable earnings of R74,1 million exceeded the forecast of R63,6 million by a noteworthy 16,5%.  This equates to a 47,8% total return to linked unitholders since listing on the Financial Real Estate – “Real Estate Holdings and Development Sub – Sector” of the JSE Limited on 7 June 2006.

It has taken only ten weeks to put together the new nine-person Madison Property Fund Managers development team, formed as a result of Madison taking over the former Spearhead Property Holdings development and leasing divisions in December 2006.

The unit price of Madison Property Fund Managers, the first property asset management company to list on the JSE - in June last year - has increased about 60% since it first listed.

Growthpoint Properties, the largest listed property company on the JSE, said on Friday its takeover bid for the smaller Cape Town-based Paramount Property Fund had been successful.

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.