Indluplace vacancies down in spite of pressures

CAPE TOWN – Residential real estate investment trust (Reit) Indluplace said on Friday that vacancies for the first half of the financial year to March 31, 2020 were better than the same period last year, in spite of the economic pressures faced by its customers.

The company said ahead of a pre-close briefing to be held today that its portfolio was 94percent occupied, compared with 91percent in February 2019.

This improvement had incurred increased letting costs, but the benefits of having improved occupancy were expected to outweigh these costs.

The share price rose 2.24percent to R3.20 on the JSE on Friday.

The letting performance at Highveld View, Emalahleni, was “particularly encouraging” with marketing initiatives proving successful, and the complex was 95percent occupied, versus only 33percent in February 2019, by individual tenants.