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Pangbourne - Interim Results : Press Release
Pangbourne Properties Ltd
Incorporated in South Africa
Share code: PAP
Registration number: 1987/002352/06
ISIN Code: ZAE000005252
Pangbourne Properties Interim Results
Pangbourne has increased its distributions by 4,7% as a result of improved
occupancies and increased rentals in the companies industrial property
portfolio. Demand for industrial space remains strong and the company is
developing its vacant land in Jet Park to meet growing demand in the area.
Strong enquiries have been received for developments on the vacant land in
Imvubu Business Park, in the Riverhorse Estate north of Durban, and work is
expected to start soon on this site at favourable yields.
The company`s investment in iFour has increased significantly in value since the
last financial year end, due to the rise in that company`s share price.
Pangbourne`s investment remains at 49%. iFour`s securitisation of its loan book,
which was the first in South Africa, was well received in the market. PROPS, the
company jointly owned by Pangbourne and iFour was awarded `Deal of the Year for
South Africa` by the prestigious international magazine, The Banker.
Pangbourne`s assets under management now total R4 billion and its own property
portfolio exceeds R1,5 billion. The transfer of the Strupot portfolio has been
completed, although at a later date than expected due to delays in the various
deeds offices. Certain of the vacant properties have however been let at better
than anticipated rentals. Two smaller properties from the Strupot portfolio have
been sold, as they didn`t meet Pangbourne`s investment criteria. Additional
properties are currently under negotiation for sale at acceptable yields.
The directors have increased the borrowing capacity of the company to 50% of
income producing assets from 40%, in view of the stability in debt markets and
the economy of South Africa.
Paforma continues to show growth in new business, and profits for the interim
period grew by 227% when compared to the same period last year. The profit
attributable to Pangbourne is expected to well exceed those of last year.
Ends
17 February 2005
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
About Pangbourne
Pangbourne was the first property investment company to use the loan stock
structure of variable debenture equity financing. The first loan stock company
to be listed on the JSE in 1987 with income earning assets of R146 million, it
continued to set the pace by taking its property management in-house and also
became the first to take over another listed loan stock.
Pangbourne`s vision is to create a property company that can produce sustainable
growth in total returns to investors over the long term. This will be achieved
in part by capitalising on the management expertise and experience gained over
the years by expanding its property management activities.
Pangbourne`s market capitalisation has increased from R250 million in 1998 to
the current level of R1, 75 billion. Net annualised return to unit holders of
19% over the past 10 years is well ahead of the JSE ALSI. Core to these
achievements was the decision to change to own management of the properties,
which effectively aligns management`s objectives with those of unit holders.
Date: 18/02/2005 08:30:04 AM
Produced by the JSE SENS Department
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