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Martprop - Press release
Martprop Property Fund
("Martprop" or "the Fund")
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by Marriott Property
Fund Managers Limited (Registration number 1994/009895/06)
JSE Share code: MTP & ISIN: ZAE000037271
PRESS RELEASE - MARTPROP INITIATES CHANGES
Old Mutual Property Group"s acquisition of the Marriott interest in Martprop"s
management company has brought about a number of changes to the profile and
strategy of the Fund.
"With the support of Old Mutual Property Group and the access to a number of
significant property investment opportunities that this relationship now brings,
we aim to increase the portfolio aggressively over the next three years. It is
our intention to position the Fund amongst the three biggest counters in the
listed sector in that period" says Roger Perkin, Martprop MD. To do so
management intends positioning the Fund to attract both domestic and foreign
equity capital.
Management has focussed on improving the Fund"s distribution growth and
investment rating and we are now well placed to achieve both" says Perkin. "The
earnings for the twelve months to July 2006 have been impacted by a few
significant rental reversions which the market is aware of. But looking at the
next twelve months and beyond, there is every likelihood that distributions will
grow in line with the sector."
The Martprop portfolio"s performance, as measured by IPD, reflects the strong
potential for improved earnings. The Fund delivered a total return of 34,4% in
2005 against the benchmark of 28,8%, placing it sixth out of the seventeen
participating listed funds. This performance was achieved despite Martprop"s
significant underweight position in large retail property. "Our industrial
portfolio delivered a 40,5% total return against the benchmark of 32.4% and this
speaks to the quality of the bulk of Martprop"s properties. The vacancy level
in the entire portfolio is 1%, with no vacancies currently in the industrial
portfolio" says Perkin.
Subject to the final approval of the JSE Limited, the Fund will change its name
to S A Corporate Real Estate Fund. This will convey to the market that it is a
South African fund, positioned for international investment with globally
accepted terminology, and which invests in commercial property assets that are
leased to major corporates in the local economy.
Furthermore, the Fund has changed its year end to December, which is in line
with international practice and aligns reporting periods with the calendar year
and the IPD results. A second interim distribution will be made to unitholders
for the six months ended 31 July 2006 with a final distribution to be paid for
the period ended 31 December 2006.
Ben Kodisang has joined the Board as Chairman, together with other Old Mutual
Property executives, Colin Young and Michael Anderson.
For further queries contact Roger Perkin (031) 366 1111
Date: 31/07/2006 05:31:08 PM Produced by the JSE SENS Department
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