SA Corporate lifts H1 distribution 11.2%

Property group SA Corporate Real Estate lifts its interim distribution to end June by 11.2% to 19.66c per unit‚ announces group.

Property group SA Corporate Real Estate (SAC) lifted its interim distribution to end June by 11.2% to 19.66c per unit‚ the group announced on Monday.

“The acquisition of the Afhco business and other assets in 2014 amounting to R1.4bn impacted positively on the results for the period‚” the company said.

“This was further supported by standing portfolio net property income (“NPI”) growth of 6.4%.

“Total NPI increased by 20.1%‚ with the standing portfolio contributing 6.1%‚ Afhco 13.5% and other acquisitions 1.6% and off set by a 1.1% reduction in respect of disposals.

“Industrial NPI growth of 7.3% was underpinned by strong tenant retentions of 88.3%‚” the company said.