Paramount Property Fund - Press Release - Distribu
Paramount Property Fund - Press Release - Distribution Announcement
Paramount Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
Share code: PRA & ISIN: ZAE000028577
(`Paramount`)
16 September 2005
Press Release - Distribution Announcement
Listed property loan stock company, Paramount Property Fund, has declared a
third quarter distribution of 13c for the period ending 30 July 2005. This is
in line with the company`s objective of maintaining its trend of `moderate
growth`, which in its previous financial year translated to a 4% growth rate.
Paraprop Managing Director, Rodney Squire-Howe, notes that the company is
performing well. `We have good quality portfolios and are starting to see
growth in rental income. Our vacancy rate, which was already low, has declined
further and is currently around 3%.
`We are actively managing the portfolio, and have done refurbishment and upgrade
work at several properties including Ruimsig Boulevard, our three buildings in
Hatfield, and Homestead in Rivonia. We have successfully completed two new
developments, being our apartment conversion project at 34 St Georges and the
retail scheme for Mr Price at Tygervalley.
`We are in the planning phases of significant redevelopment schemes on several
of the fund`s properties, which will add significant value to those properties.
Amongst these are Claremont Pick `n Pay Centre, Longkloof Studios and Golden
Acre retail.
`We have recently sold over R130 million worth of properties and we have
acquired several new properties including Cowey Centre in Durban and GKN Chep in
Kwa-Zulu Natal. We are working on a number of new acquisitions and hope to be
able to make some announcements in the near future.`
`We have also looked closely at our borrowings, which have reduced to just below
55%, and we are in the process of implementing a new structure, along the lines
of securitisation, which will assist in further reducing our cost of finance.`
`Paraprop is on track and well-positioned for the future, he concluded`, `and we
are optimistic that we may be able to show a slight improvement in growth when
it comes to our year-end distribution`.
Date: 16/09/2005 02:48:07 PM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
