JOHANNESBURG: The black owned and black managed real estate investment trust, Delta Property Fund, released its results today regarding their full year in the market place.
Following the announcement, the company saw a share price rise of 6% in early trade despite the drop in their rental income by a staggering 3.1%.
Speaking to a Johannesburg-based talk radio, on POWER Business host Ayabonga Cawe, one of the company’s co-founders and chief executive officer (CEO) Sandile Nomvete says that the rise in early trade comes as no surprise considering that the results released today were on target.
Nomvete said this is due in part to the decision made by the Department of Public Works to fast track the process of signing long term leases, which has been long overdue.
“This obviously boasts well for any real estate fund because the value of the properties is underpinned by the value of the lease,” he said.
The decision was made at an event held by the department on Thursday 31 May where many of its top landlords were present.