Delta's Forum Building in central Pretoria. A significant number of Delta's properties offer street-level retail, ideal for fast-food restaurants, fashion and furniture retailers, banks, mobile phone operators and repair shops.
Delta Property Fund, the JSE’s only Level 1 B-BBEE sovereign-underpinned REIT, has returned to profitability, and its further turnaround will see it reduce its portfolio of 72 properties to 48, CEO Bongi Masinga said Tuesday.
She said in an online presentation that the continuing disposal of non-core assets will result in better quality of earnings, which will put the group on a more sustainable path going forward.
This was indicated by the fact that in the past year to February 28, the core portfolio of 48 properties generated some R1 billion of rental income, while the 24 properties in the non-core portfolio generated R145 million in rental income.
Masinga said the disposal program remains central to the group’s medium-term recovery.
