Drakensberg Property Fund lowered its full-year distribution guidance on Tuesday, citing persistent office vacancies in its Gauteng portfolio.
The fund said it now expects distributable income per unit to be 3% to 5% lower than the prior year, against earlier guidance of broadly flat. According to the announcement, office vacancy across the portfolio stood at 14.6% at the end of June.
Drakensberg Property Fund said its retail and industrial portfolios continued to perform in line with expectations, and that it had concluded renewals on 71% of leases expiring this financial year.
