MAS acquires R1bn German shopping centre
The JSE-listed company is aggressively acquiring assets to in northern Germany to drive income growth
MAS Real Estate, which is aggressively buying assets to drive its income growth, has acquired a shopping centre in Flensburg, northern Germany, in a deal worth nearly R1bn. This means the company, which acts as a currency hedge for South African investors as it pays dividends in euros, had grown its asset base to more than R19bn.
MAS’s CFO and co-founder Malcolm Levy said the European-focused property counter was on track to deliver euro dividend growth in the double digits for its 2019 financial year, making it one of the most attractive offshore property stocks for JSE investors. Levy said MAS would spend €62.55m on its latest acquisition, the 25,540m² Flensburg Galerie, a popular shopping centre located near the Danish border. The mall includes a number of blue chip tenants on long leases, meaning the company has secured a regular stream of income from the asset, he said. MAS would also be able to enhance returns from the asset as it had vacancies for which the fund had p...
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