Vukile Property Fund has reported a 15.3% rise in net profit from operations to R469m for the six months to September from the same period a year ago.
The fund‚ which commands a portfolio of 79 property assets valued at R10.6bn‚ said normalised distribution was up 7.8% to 59c per linked unit and vacancies decreased to 5.4% from 6.5%.
Net asset value per linked unit was R15.38 from R15.35.
The company’s sectoral spread by market value comprises 54% retail‚ 22% offices‚ 10% industrial‚ 10% sovereign‚ 3% hospital and 1% motor-related.
Vukile‚ which is looking to acquire retail specialist Synergy Income Fund‚ said it was on track to deliver full-year growth in distributions of between 7.5% and 8%.
“The forecast growth in distributions is based on the assumption that the macro-economic environment does not deteriorate further‚ no major corporate failures will occur and that tenants will be able to absorb rising electricity and municipal costs.