Property group Globe Trade Centre opens the door to regular dividends
Investors have been concerned about pure net asset value option
Poland-based real estate group Globe Trade Centre (GTC), which develops and manages properties in eastern Europe, has decided to pay regular dividends, thanks to a better than expected performance since listing in August 2016. South African investors have wanted the group to pay dividends, having been concerned it held too much risk as a pure net asset value (NAV) play. The company has seen strong NAV and net profit growth in its portfolio in recent months. It listed with the intention of attracting South African investors who wanted to invest in a currency hedge stock. The company’s NAV per share increased 20% during the year to December to 8.62 zloty ($2.18) from 7.21 zloty, financial results released on Monday showed. The group dividends are declared in zloty, while it reports its results in euros. It achieved a net profit of €160m in 2016, compared with €44m the year before, showing 266% growth. The GTC group was established in Poland in 1994. GTC, listed on the Warsaw Stock Exc...
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