Poor economic growth hits L2D dividend
CEO Amelia Beattie says despite poor economic growth the group increased its asset size to R8.7bn
Liberty Two Degrees (L2D), which offers investors exposure to shopping centres Sandton City, Nelson Mandela Square and Melrose Arch, saw its dividend shrink in the six months to June. The group blamed poor economic growth and weak consumer spending. L2D declared a half-year distribution of 29.31c per unit for the six months to June, results showed on Monday, which while in line with expectations was still 2.3% lower than the 30c per unit declared for the six months to June 2017. CEO Amelia Beattie said even though SA’s economic recovery had been slow and consumers were under pressure, L2D’s asset size had increased healthily from R6.1bn at the end of June 2017 to R8.7bn at the end of June 2018.
Trading densities at its malls were starting to improve thanks to the introduction of new brands and tenants having managed their stores better. "L2D’s portfolio is performing well from a trading perspective, as is evidenced in the turnover growth figures at the flagship assets, recordi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.