According to Engineering News, JSE-listed real estate investment trust (Reit) Accelerate Property Fund has delivered 9.1% year-on-year distribution growth to 53.67c a share for the year ended March 31. The strong 2016 financial year-end results achieved by the company also included 24% growth in the value of Accelerate’s property portfolio to R8.4-billion and growth of 25.5% in its net asset value to R5.7-billion
“Accelerate remains focused on maximising rental income and tenant recoveries, reducing vacancies, effectively managing cost, increasing the quality of our property portfolio and creating value through selective acquisitions,” said COO Andrew Costa. “Despite the slowdown in the South African economy and the tough business environment, we are pleased with our ability to enhance the fund through quality acquisitions to optimise returns for shareholders,” Costa added.
Accelerate was currently expanding the existing Fourways Mall by 90 000 m2, converting the mall into a super-regional shopping centre of 170 000 m2 by 2018. Further portfolio-enhancing acquisitions were also undertaken post the financial year, namely the Western Cape-based Portside office building and Eden Meander, a newly built multi-tenanted lifestyle shopping centre in George.
