Transcend Residential Property Fund declares maiden dividend
Transcend Residential Property Fund declared a dividend 5.60803c a share in its maiden financial results on Thursday, for the one-month period to end-December. Transcend, which owns differentiated rental residential property, listed in December last year. CEO Rob Wesselo said the fund intended to give investors exposure to a "robust rental market" following its listing. Very little residential property is listed in SA but there has been growing interest in changing this as investors look to buy into specialised, lower-risk funds. Residential property is often more operationally intensive than retail and office properties are. About 3% of listed property in SA includes residential assets. Transcend trades as a real-estate investment trust (Reit). It was created by private equity group International Housing Solutions and listed on the JSE AltX with a market capitalisation of R489m. It has a rental portfolio of assets worth R1.165bn, offering a yield of 9.25%.
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