Accelerate Property Fund reported distribution growth of 8.1% year-on-year for the six months ended September 30, translating into a distribution per share of 28.77c, up from 26.62c apiece in the comparative period of 2015.
The fund also reported a 17% increase in its portfolio value, to R9.1-billion, bolstered by the acquisition of about 50%, or 25 224 m2, of the gross lettable area of the Portside Tower, in Cape Town.
Further, the acquisition of the Eden Meander Lifestyle Centrein George, currently 97% let, also added to the fund’s asset base.
COO Andrew Costa said the fund is considering disposing of some of its smaller B-grade and C-grade office properties, as these, along with smaller outlying retails centres were under pressure.
Costa believed that, given that the bulk of its office portfolio was A- or premium-grade, along with the expanding Fourways node, the fund would be able to weather the storm.
