Company Profile

Ascension Properties Limited, founded in August 2006, is a black managed and substantially black owned property loan stock company listed on the JSE. The company is a property income fund focusing on commercial office buildings in South Africa with a strong focus towards government and other empowerment sensitive tenants.

Ascension is a Broad Based BEE Level 2 company.

The fund converted to a Real Estate Investment Trust (REIT) in line with the new REIT legislation in June 2013. 

The company’s capital structure consists of A and B Linked Units. Each Unit consists of one share and one debenture. The A-Linked Units have first right to the net distributable income of the fund with distribution of 38 cents per unit for the 12 months to 30 June 2013, growing at 5% per annum for the first five years with growth thereafter at the lower of inflation or 5%. The B-Linked Units receive the residual net income of the portfolio, with a higher anticipated growth in distributions compared to the A-Linked Units.

Ascension is currently forecasting a 5% growth in the A Linked Unit and a 20% growth in the B-Linked Unit distribution to the 2014 financial year.

High Growth Strategy

Ascensions primary objective is to grow the quality and sustainability of income through rental escalations, increasing rentals, building re-tenanting and more efficient utilisation of space. The company may, from time to time, redevelop properties to enhance value and support longer-term income and capital growth. In this regard the board have resolved to limit property redevelopments to a maximum of 10% of the portfolio at any given point in time

Ascension is well positioned for growth

  • By taking advantage of its track record and BEE profile to secure additional long term leases with Government and other quality tenants
  • By renovating and developing certain of its properties to secure further anchor tenants, improve yields and space utilisation
  • Management has a strong pipeline of targeted acquisitions and intends to confirm to grow the portfolio by at least R1 billion per annum

Ascension is a Broad Based BEE Status Level 2 company.