Texton distribution up to 85.47c a share

Texton Property Fund grew its distribution by 10.6% to 85.47c per share in the year to June.

26 Aug 2014

Texton's Rob Kane says the property fund has performed well under trying circumstances in the office rentals market. Image: eProp

"This has been a busy and positive year for the fund (which) has performed exceptionally well‚ particularly given the tough market conditions. A number of fundamental changes have provided us with a solid platform from which to grow our asset base and deliver sustainable‚ superior earnings for our shareholders‚" said Chief Executive Rob Kane.

In early August‚ Texton changed its name from Vunani Property Investment Fund following the cession and assignment of the asset management agreement to Texton Property Investments.

"The past 12 months have been challenging‚ especially in the office sector‚ but all of the fund's key performance indicators have improved‚" Kane said.

Vacancies improved to 5.3% on a total gross leasable area of 190‚116m²‚ much lower than the commercial office sector average of 11.3%.

Kane said it was important that tenant retention remained high at 82.5%.

Old Mutual Investment Group's Evan Robins said the results were strong.

"Even though they are an office fund‚ and offices are struggling‚ they managed to deliver double-digit distribution growth and are expecting strong results next year too‚" he said.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za