Diversification pays off for Texton
CEO says Texton has achieved strong dividend and net asset value growth thanks to its decision to diversify across assets in the UK and SA
TEXTON Property Fund has achieved strong dividend and net asset value growth thanks to its decision to diversify across assets in the UK and SA, according to CEO Angelique de Rauville.The company announced robust results for the year to June, declaring a total dividend per share of R1.0363, up 9.4% year on year, while its property portfolio value grew 39.3% to R5.77bn.De Rauville said Texton had had to deal with the fallout of the vote for the UK to leave the EU, and a slowing South African economy."We are encouraged by the stellar results, despite some unforeseen events in our operating environment."We are not aware of any direct negative impact from Brexit on our UK tenant base, given the strength of our covenants and long-term nature of our leases."In SA we continued actively managing the legacy portfolio, restructuring the business, disposing of noncore assets, and focusing on fewer, larger, better-quality assets with long-term leases," she said.Texton’s portfolio is geographica...
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