Sycom Property Fund changes year end to June 30

Sycom Property Fund reiterates that it has changed its year end to June 30 to align with the year end of its parent company‚ Growthpoint Properties.

Sycom Property Fund on Wednesday reiterated that it had changed its year end to June 30 to align with the year end of its parent company‚ Growthpoint Properties (GRT).

Growthpoint‚ the JSE’s largest property company‚ in March this year got the go-ahead from the Competition Tribunal for its merger with Acucap Properties‚ the sister company of Sycom.

Growthpoint owns 99% of Sycom Property Fund and 100% of the shares in Sycom Property Fund Managers Limited‚ the statutory fund manager of Sycom Property Fund.

“As such‚ the 12-month period ended March 31 2015 is a second interim reporting period for Sycom. Sycom has prepared condensed consolidated interim financial statements for this second interim reporting period‚” the company said.

In the 12 months to end March 2015‚ Sycom reported diluted headline earnings per unit of 159.40c from those of 203.05c in the year-earlier period.

The closed-end property unit trust said net asset value per unit increased to R30.56 from R28.87 in the 12 months to end March 2014.

The board declared a distribution of 98.98c per unit for the six months ended March 2015‚ an increase of 4.02% compared with the final distribution declared in the year-earlier period.

Looking ahead‚ Sycom said it would delist from the stock exchange.

“However‚ these steps are not expected to be complete before the end of the current financial year (June 2015)‚” the company said.