CBD redevelopment and growth enhanced Premium’s investments and pushed its distributions by 22% to 61c.
In its results for the year ended 28 February 2006, the property loan stock company reported its property portfolio increased in value by R290m to R1,3bn.
The group continued to invest in the Pretoria CBD and acquired a further four properties for R40,7m. Premium said these properties are both yield enhancing and have the potential to be redeveloped further to boost value.
Two residential projects in the CBD were completed at a cost of R61m, and are expected to yield 12%.
Planning has commenced to convert two recently acquired properties in the Joburg CBD into residential accommodation.
Rental income increased from R148,4 m to R167,2 m and net rental income rose 17,3% to R105m.
Based on the R4,84 share price as at 28 February 2005, linked unitholders earned a return of 106,6%.
