PANGBOURNE DISTRIBUTION ANNOUNCEMENT
PANGBOURNE PROPERTIES LIMITED
Incorporated in the Republic of South Africa
(Registration number 1987/002352/06)
Share code: PAP
ISIN: ZAE000005252
(`Pangbourne`)
Pangbourne Properties Limited has declared a final distribution of 49 cents per
unit for the year ending 30 June 2004 bringing the total declared for the year
to 91,5 cents per unit, an increase of 2,8% on the previous year.
According to Pangbourne CEO, Athol Campbell, the past year has seen many changes
within Pangbourne`s portfolio beginning with the transfer of properties to the
value of R246 million to iFour in return for a 50% strategic stake in the
company. iFour recently announced an increased distribution 4% higher than
forecast. The company holds a well diversified portfolio of `A` grade
properties totaling R1,8 billion. These properties are in turn managed by
Pangbourne.
The recently announced purchase of a portfolio of properties totaling R439
million, will bring the total properties managed by Pangbourne to R 3,358
billion and the total assets under administration to R4 billion.
Occupancies remain high in the portfolio as the demand for space continues to
increase in line with the increase in the manufacturing indices.
`Industrial rentals have started increasing in certain geographic areas and this
trend is expected to continue, although security costs remain a continuing
problem,` said Campbell.
Pangbourne Chairman Peter Campbell also announced today that Craig Hutchison
would be joining the Pangbourne Board as an Executive Director.
Ends
Issued on behalf of Pangbourne Properties Limited
Contact: Athol Campbell
Chief Executive Officer
Tel (011) 889 8500 or 083 225 0327
For further information, please contact Corporate Communications Consultants
Contact: Debbie Brewitt
Tel: (011) 783 8926 or 084 616 7000
29 June 2004
Date: 29/06/2004 05:27:54 PM Produced by the JSE SENS Department
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