Capital Property H1 distribution per unit up 6.91% to 35.58c

Capital Property Fund (CPL) has increased its distribution per linked unit by 6.91% to 35.58c in the six months to June 2013‚ from 33.28c in the similar period a year ago.

Capital Property‚ which is the third largest property fund on the JSE‚ said on Wednesday the reduction in vacancies boded well for distribution growth for the remainder of the financial year.

Vacancies improved from 5.9% in December last year to 5.1% as at June 2013.

The distributions for the full financial year are forecast to increase from 4% to 7% to between 6% and 9%.

“The property portfolio performed marginally ahead of budget with respect to both rentals and expenses. The listed portfolio performed well ahead of budget‚ particularly the investments in New Europe Property Investments plc and Rockcastle Global Real Estate Company where distributions benefited from the depreciation in the rand‚” the fund said in a statement.

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