Vukile Property Fund declares 'REIT qualifying' special distribution

April 2013’s introduction of REIT legislation has created the platform for natural consolidation across the sector, with most of the regulatory uncertainty now out of the way

Redefine Properties today reported distribution growth of 7.3% to investors for the year ended 31 August 2013, outperforming expectations. Redefine’s net asset value increased by 8.6%.

Octodec and Premium announced they have entered into an agreement with IPS Investments and City Property Administration that will see IPS repurchase City Property’s shares in IPS for a cash consideration of R127.5 million and the repayment of City Property’s shareholders loan in IPS of R48.1 million.

Redefine International today reported full year distributable income growth of 18% and a total shareholder return of 58,9% to shareholders for the year to 31 August 2013.

Analysts believe that over the next six to 18 months there will be consolidation in the property sector following the rash of new listings over the past three years.

Fountainhead Property Trust declared a distribution for the 11 months to 31 August 2013 in line with market guidance and 2% down on its distribution for the comparable 11 months in 2012. 

Intu and Canada Pension Plan Investment Board announce a partnership agreement to acquire Parque Principado Shopping Centre.

Redefine Properties has launched its American depository receipt (ADR) programme‚ making it the first property company in South Africa to launch an ADR programme on the over-the-counter market in the US.

Listed Property Sector Results Highlights