Equites Property Fund, the SA and UK industrial real estate specialist, is rewarding investors who stuck with the stock since it listed nearly four years ago. The fund grew its distribution per share for the year to February 12.2% to 123.86c and its property portfolio expanded 30% from R6.2bn to R8.1bn over the same period, annual results showed on Thursday. The company’s share price has been trading at about R20 over the past weeks, meaning it has more than doubled since it closed after its maiden day of trading at R10.75 in June 2014. However, "at a share price of R20.59, which was Wednesday’s closing price, the counter was trading at demanding forward yield and premium to net asset value", said Mvula Seroto, an investment analyst at Catalyst Fund Managers. Equites is the only specialist logistics property fund listed on the JSE. It owns various warehouse type properties in SA and the UK and services blue-chip companies’ distribution needs. "The track record of strong distribution...
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