Resilient grows shareholding

LISTED Resilient Property Income Fund has increased its shareholding in several retail centres and sold Pick n Pay Hypermarket Klerksdorp to a private buyer for about R164 million. Resilient said yesterday that it had agreed to acquire an additional 4 percent interest in Highveld Mall to increase its shareholding to 64 percent; an additional 5 percent in I’langa Mall to take its interest to 90 percent; acquired an additional 3.5 percent in Tubatse Crossing to make it a 100 percent-owned centre; and acquired an additional 5 percent interest in Soshanguve Crossing to boost its shareholding in the centre to 60 percent. The fund said the transfer of Pick n Pay Hypermarket Klerksdorp was expected before the end of the current interim financial reporting period to December. Nick Hanekom, the financial director at Resilient, said the centre was sold at book value of about R164m to a private buyer. Resilient said its property portfolio had performed ahead of expectations in the year to October, recording average turnover growth of 9.2 percent in this period. It said seven of Resilient’s centres achieved turnover growth exceeding 15 percent. However, the Village Mall in Kathu in the Northern Cape experienced negative turnover growth. Its shares dropped 0.19 percent to close at R117. – Roy Cokayne