SYC
SYC
SYC - Sycom Property Fund - Press Release
Sycom Property Fund
A Collective Investment Scheme in property registered in terms of the
Collective Investment Schemes Control Act, No. 45 of 2002 and managed by
Sycom Property Fund Managers Limited
Registration number 1986/002756/06)
JSE Share code: SYC ISIN: ZAE000019303
("Sycom" or "the Fund")
Sycom Property Fund results
Sycom`s earnings per unit grew with 29,98% to 424.43 cents. The
distribution for the full year is 124.62 cents which is 6.94% higher than
the previous year. Sycom`s distributable earnings for the six months ended
31 March 2007 amounted to 65.22 cents per unit which represents growth of
5.95% compared to the same period in the previous year.
The property portfolio was independently valued at year end at R3.5bn
resulting in a revaluation surplus of R528.9m which is 17.73% increase over
book value. The net asset value of the Fund currently stands at 1589 cents
per unit which represents a 23,27% growth on last year. The substantial
increase in the value of the Fund, even after allowing for new
developments, bears testimony to the quality of the underlying assets.
The rentable area increased to 290,579m2, due to the completion of N1 City
extensions, Harrowdene Office Park extensions and the Vaal Mall
development. The retail portfolio has a low vacancy of 0.86% and comprises
56.7% of the property asset value. Increased demand for office space
reduced the vacancies to 1.02%. New leases of 73,477m2 with a gross value
of R682m (includes properties co-owned) were concluded for the year.
The Fund commenced with the construction of two office buildings in the
Woodlands Office Park subsequent to yearend. The buildings measure 9,492m2
and completion is expected in February 2008. One of the buildings measuring
6,182m2 is fully let and management is positive that the remaining building
will also be let before completion. The cost of Sycom`s 40% undivided share
in the development is R46,2 million.
After yearend the Fund has acquired a further 26.86% of Vaal Mall at a cost
of R173,6m bringing its total to 77.86%.
During the year the Fund disposed of the Hewlett Packard Building in
Rivonia and the Azisa Building in Randburg resulting in a surplus over book
value of R29,3m.
At 31 March 2007 the Fund`s borrowings amounted to R529,3m.
Me Y Omar and Me S J Wentzel have been appointed as directors to the board
of Sycom Property Fund Managers Limited during the financial year ended
March 2007.
24 May, 2007
Contact: Neno Haasbroek, CEO Sycom 0828541063
Date: 25/05/2007 07:32:01 Produced by the JSE SENS Department.
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