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Sycom Property Fund (the Fund) is a closed-end
property unit trust (PUT) established in 1986,
governed by the Collective Investment Schemes
Control Act, 2002 and listed on the JSE Securities
Exchange South Africa (JSE).
The Fund’s earnings is distributed in full, free of tax
and unitholders consequently pay tax according to
their individual tax status.
The Fund invests directly and indirectly in investment
property. Currently the Fund consists of investments in
14 properties, with relatively equal weighting in both
the retail and commercial office sectors. The retail
exposure comprises investments in regional shopping
centres, while the office component consists of large,
well-located, A-grade office buildings and office parks
with predominantly large corporate tenants. |
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Approximately 62% of the portfolio, by value, is located
in Gauteng, with the remainder in the Western Cape.
The Fund for the first time invested in an international
listed property fund in the current year and now has
an international exposure of 6% of total assets.
The Fund’s net asset value is R4,25 billion, capitalised
on the JSE at R3,50 billion on 31 March 2009.
Approximately 2 550 unitholders hold 205,11 million
units in issue.
Sycom Property Fund Managers Limited, whose
objective is to maximise returns to unitholders,
manages the Fund. This is accomplished through the
strategy of actively managing, and where appropriate,
rebalancing or developing the assets of the Fund to
achieve a portfolio comprising relatively equal
exposure to large, quality, well-located commercial
office and retail properties, all capable of providing
sustained income and capital growth. |
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