Listed property unit trust Sycom Property Fund has exceeded market expectations by delivering distribution growth of 11,1% for the year to March, compared with the equivalent figure of a year earlier.

The local property market has seen four years of exceptionally good growth. As the performance levels start to taper off, Property Unit Trusts (PUTs) are looking at offshore markets with a view to both diversifying their holdings and adding to returns

The plunge in the prices of listed property in the UK and Europe since the beginning of the year offers opportunities for South African listed property companies looking for offshore investments

Listed property unit trust Sycom Property Fund said yesterday it had acquired a 22,5% interest in an offshore property fund for R257,5m