TEXTON Property Fund grew its distributions 10.6% to 85.47c/share in the year to June.
"This has been a busy and positive year for the fund [which] has performed exceptionally well, particularly given the tough market conditions," chief executive Rob Kane said yesterday. "A number of fundamental changes have provided us with a solid platform from which to grow our asset base and deliver sustainable, superior earnings for our shareholders."
Early this month, Texton changed its name from Vunani Property Investment Fund following the cession and assignment of the asset management agreement to Texton Property Investments.
"The past 12 months have been challenging, especially in the office sector, but all of the fund's key performance indicators have improved," Kane said.
Vacancies improved to 5.3% on a total gross leasable area of 190116m², much lower than the commercial office sector average of 11.3%.
Tenant retention remained very high at 82.5%, Kane said.
Old Mutual Investments' Evan Robins said the results were strong. "It managed to deliver double-digit distribution growth and is expecting strong results next year too." – BDLive