Acsion lifts NAV in maiden quarterly results

Acsion is a property manager and property developer that listed on the JSE on 9 December 2014. Acsion is differentiated from real estate investment trusts (Reits) in the listed property sector as it focuses on the delivery of superior NAV growth.

NAV growth drivers include improving existing properties and obtaining additional future development opportunities. To a lesser extent‚ the group derives capital growth from selling completed developments and purchasing existing properties.

In the period under review‚ the group recorded revenue of R107.4m and net profit after tax of R40.8m‚ "despite a challenging operating environment with escalating utility costs continuing to place tenants under pressure".

Looking ahead‚ Acsion said it would reinvest in its existing portfolio and focus on its development expertise‚ or "value-engineering" approach‚ to ensure above-average NAV growth.

"In addition‚ Acsion will explore further development opportunities in high-growth markets in the rest of Africa and Europe‚" the group said.