Bonatla Property Holdings Ltd - Big Leases Firm Up
Bonatla Property Holdings Ltd
Share code : BNT
ISIN : ZAE000013694
October 17, 2001
BIG LEASES FIRM UP BONATLA PORTFOLIO
Leases covering more than 10% of the gross lettable area of the Bonatla
Property Holdings Ltd portfolio have been signed since July.
Bonatla director Royden du Plooy said the deals had helped further to
improve the lease expiry profile of the portfolio. They followed the
appointment of Catalyst Property Asset Managers and the Broll Property Group
as asset managers and administrators of the Bonatla portfolio from April 1.
Du Plooy said one of the tasks undertaken by the new administrators was a
review of all the leases in the portfolio.
"Since July this year, new leases have been concluded or renewed on a total
of 31 894 m2, representing over 10% percent of the GLA of the portfolio. In
addition, one of our major tenants, a large national accounting firm, has
agreed to renew their lease over a further 4 000m2 of office space, with a
value of close to R18 million. Another lease finalised recently is a new
tenant signing for
9 000 m2 of industrial space in Isando, Gauteng."
"Given the interest by new tenants, the high level of renewals, and the
existing large proportion of A-class tenants, we are confident that the
portfolio will continue to generate a secure cash-flow in line with our
forecasts."
Du Plooy said that the debt funding of the portfolio was also targeted for
review, with the aim of reducing both the amount and the cost of gearing.
"We are looking at various proposals and anticipate being able to implement
a new strategy soon."
Bonatla reported gross rental income of R56,3 million, net profit after tax
of R3,7 million and headline earnings per share of 1,92 cents for the six
months to March. A dividend of 1 cent per share was declared.
ends
ISSUED FOR Bonatla Property Holdings Ltd
BY De Kock & Kerkhoff Communication Consultants
INQUIRIES Royden du Plooy/Anton Botha 021-683-7773
Mike Kerkhoff 021-424-5280
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