Value of residential-focused property group’s portfolio grows to R2.2-billion
Residential-focused real estate investment trust (Reit) Indluplace increased the value of its property portfolio by 29% to R2.2-billion, the company announced last month.
Reporting on the JSE-listed company’s results for the six months ended March 31, CEO Carel de Wit told Engineering News in a telephone interview that the company had also increased its unit count by 36% to 5 037 residential units.
During the reporting period, the Reit acquired two property portfolios, the Prime and Connaught portfolios, for about R500-million, increasing the number of residential properties in the portfolio from 95 to 109.
The Connaught portfolio comprises nine high-rise buildings, with 1 181 units, in the inner city of Johannesburg, while the Prime portfolio comprises three suburban townhouse complexes with 166 units, located in Florida, Springs and Fourways.
The company was also in the process of finalising the transfer of about 500 units to its portfolio, which is expected to be concluded in June.
Vacancy rates stood at 6.2% at the end of March, down from the 9.4% vacancy rate as at September 30 last year.
De Wit said the company’s portfolio had delivered escalation rates of between 6% and 8% in the six months under review and added that the company was on track to meet its guided 92.5c a share dividend payout for the financial year to September 30.
Indluplace announced a dividend payout of 46c a share for the six months under review.
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