Vunani declares 40c dividend, eyes new acquisitions
JSE-listed Vunani Property Investment Fund said on Monday that its underlying portfolio was performing well, with the fund “well on track” to deliver on its guidance of between 84c and 86c per linked unit for the full year to June 2014.
Vunani declared an interim distribution per linked unit of 40c during the six months to December 2013 – a 5.26% rise on the 38c apiece achieved during the corresponding period the year before.
The company achieved a 16.4% rise in revenue from R106.9-million during the six months to December 2012 to R124.5-million during the interim period under review.
The group, which reported a portfolio growth of 20.8% to R1.8-billion, recorded a 10.4% increase in net property income to R82.8-million during the first half of the year.
“The interim results are attractive, given the stagnant economy, and the fund was able to maintain its high rating in all of its key performance indicators [owing] to tight, focused management,” the company said.
The company also pointed out that the refurbishment of existing stock, in conjunction with acquisitions, continued to enhance earnings.
“Volatility in the property sector has assisted sellers to be more realistic in their price expectations and Vunani has a solid acquisition pipeline that will deliver value to its unit holders,” the group noted.
Vunani said it had been assessing “many deals” that could now be concluded at attractive yields.
“We anticipate that the next reporting period will see a material increase in our acquisitions, but not at the expense of yield and quality,” the company concluded.
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