Accelerate property fund in its financial report for 2017 recorded increase in Revenue to ZARR1.1 billion compared to ZAR886.8 million recorded same period 2016. The company’s Operating profit jumped to ZAR739.6 million against ZAR623 million posted in 2016.
The company’s total comprehensive income attributable to equity holders was higher at ZAR898.4 million in contrast to ZAR805 million reported in 2016. Furthermore, headline earnings per share fell to 44.05 cents per share from 56.27 cents per share.
The board of Accelerate has declared a final cash distribution (number 7) (“Cash Distribution”) of 28.80469 cents per ordinary share for the year ended 31 March 2017 compared to 27.05277 cents per ordinary share declared in 2016.
Accelerate is a newly listed property fund offering investors the opportunity to own a portfolio of 52 well-established, high-quality properties across South Africa, including ownership of two prominent regional shopping centres. Exciting growth prospects include the right to own 50% in a super-regional centre upon its completion.
Accelerate’s superior property portfolio has been valued at R6.15 billion and comprises a total gross lettable area (GLA) of 450 240m2 consisting of 67.4% retail space, 21.7% office space, 7% industrial, and a 3.9% specialised auto dealership component. Accelerate Property Fund is run by a team of well-respected property professionals. They have intricate knowledge of the property portfolio and an excellent reputation in the industry for their ability to achieve the most out of property assets in order to maximise value.