Ingenuity’s net asset value rises in half year

CEO of Ingenuity Property Investments, Arnold Maresky.

Ingenuity Property Investments says its portfolio continued to perform well in the six months to February 28 and net asset value per share rose to 76c from 67c.

Investment properties comprise 67% of its portfolio, while 33% consists of property in the process of development and land held for future development.

Ingenuity’s directors said on Monday that the investment property portfolio’s asset base had increased 17% in the six months due to revaluations as at August 31 and the redevelopment of Newspaper House in Cape Town.

During the period, agreement was reached to buy two properties in Claremont for R82m, partly financed out of borrowings and the balance from the issuing of 67-million shares at 61c by way of a vendor placement.

Three developments were completed or were near completion, and capital expenditure was expected to be about R531m. The redevelopment of Newspaper House was finished in November and the construction of an office building in Tyger Valley was completed in March. The redevelopment of Atlantic Centre, on Cape Town’s Foreshore, was due to be completed this month.

Net property income increased 12% to R27.5m from R24.5m. At the reporting date, the value of investment properties rose to R798.9m from R711.2m, and properties under development and land held for development leapt to R370.5m from R180.2m.