Oryx delights shareholders

ORYX Properties Limited, the NSX listed property investment company, declared a distribution of 54.75 cents per linked unit for the six months to 30 June 2010, bringing the total distribution to unit holders for the year to 109.25 cents per linked unit, a 15.3% increase over the 2009 financial year.

CFO Stefan de Bruin attributes the excellent growth in distributions to improved performance from the property portfolio, a 4,75 cents per unit contribution from the SA listed property investment and savings in management fees as a result of the lower unit price. Realisable net asset value per linked unit increased by 15.5% to 1 299 cents.

This is mainly attributable to the higher market value of the real estate portfolio, which was independently valued at N$908 million as at end June 2010, an increase of 10.9%. At the current price of 1 050 cents per linked unit, Oryx units are trading at a 19% discount to realisable net asset value. CEOEO Hein Smit stated that Oryx invested N$100 million during the year in yield enhancing acquisitions and developments.

These include three industrial properties in Johannesburg and Port Elizabeth with ten year fully repairing leases. The South African properties enhance the geographic and sectoral spread and the risk profile of the property portfolio.

The sectoral spread based on value, is 60% retail, 29% industrial and 11% office, most of which is located in Windhoek. Developments and acquisitions during the year added 1 400 m² of office space in Windhoek, 20 100 m² of industrial space in South Africa and 730 m² of retail space to the portfolio.

An additional industrial erf of 10 000 m² was acquired in Lafrenz, Windhoek which is earmarked for development during the 2011 financial year.

A 4 500 m² warehouse development is being built in Prosperita Industrial Park in Windhoek, with a projected development cost of N$18,6 million and scheduled for completion early in 2011.

The Board anticipates that the Company will achieve real growth in distributions for the next financial year. For the full announcement, please refer to the NSNSX SENSSENSSENSSENS, JSESE SENS, or the Oryx website at www.oryx.com.na.