Oryx releases positive results

ORYX Properties Limited, an NSX-listed property investment company, yesterday released its financial results for the year ended June 2007, reflecting a growth of eight per cent on the previous year.

The company declared a final distribution to shareholders of 43 cents per linked unit, which brings the distribution for the year to 84,25 cents per linked unit. During the year under review, Oryx acquired two industrial properties in Windhoek’s Lafrenz and Prosperita Industrial Townships for a total of N$33 million.In addition, Oryx purchased the Channel Life Building in the Windhoek CBD for N$41 million and extended Checkers in Maerua Mall by 1 300 square metres at a cost of N$19 million.The space occupied by the Virgin Active gym was renovated and linked with Maerua Mall at a cost of N$1,7 million and leased for a further 10 years.The company said there was still demand from South African retailers for space in Maerua Mall.”Office rentals are likely to soften as a result of a temporary oversupply in the Windhoek CBD due to decentralised office developments, however, they should recover when the imbalance corrects.”Oryx has a limited exposure to the office market and will invest in further office buildings provided they are pre-let to secure tenants,” it said in a statement.The company’s net asset value (excluding the provision for deferred tax on revaluations) amounts to 992 cents per linked unit, which is a 15 per cent increase on the previous year-end value of 859 cents.During the year under review, Oryx acquired two industrial properties in Windhoek’s Lafrenz and Prosperita Industrial Townships for a total of N$33 million.In addition, Oryx purchased the Channel Life Building in the Windhoek CBD for N$41 million and extended Checkers in Maerua Mall by 1 300 square metres at a cost of N$19 million.The space occupied by the Virgin Active gym was renovated and linked with Maerua Mall at a cost of N$1,7 million and leased for a further 10 years.The company said there was still demand from South African retailers for space in Maerua Mall.”Office rentals are likely to soften as a result of a temporary oversupply in the Windhoek CBD due to decentralised office developments, however, they should recover when the imbalance corrects.”Oryx has a limited exposure to the office market and will invest in further office buildings provided they are pre-let to secure tenants,” it said in a statement.The company’s net asset value (excluding the provision for deferred tax on revaluations) amounts to 992 cents per linked unit, which is a 15 per cent increase on the previous year-end value of 859 cents.