File picture: James White/Free Images

PRETORIA – MAS Real Estate, the commercial property investor and developer listed on the JSE and the Euro-MTF market of the Luxembourg Stock Exchange, grew distributions a share by 30 percent to €7.61 (R133.80) in the year to June from €5.85 in the previous year. 

Chief executive Morné Wilken said on Friday that the income-generating portfolio performed very well during the reporting period, with net rental income increasing by 35 percent and operating income growing by 90 percent year on year. 

“The growth was driven by the strong performance and accretive acquisitions of investment property, completion of assets in the development pipeline, investment in PKM Developments as well as distributions received from the investment in the Reit portfolio.” 

MAS acquired Grade A office Uberior House in Scotland in May for €80.1 million and after year-end the Militari Shopping Centre in Romania, with Prime Kapital for €95m and Braunschweig properties in Germany for €25m. Shares in MAS closed 2.73 percent higher on the JSE on Friday at R22.60. 

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- BUSINESS REPORT