Castleview considers investments in other JSE property counters
The landlord is using some of its excess cash on hand for a further dividend in its six months to end-August
Eastern Cape focused landlord Castleview is considering investments in other JSE listed property counters, after cash on hand rose 11.4% to R6.1m during its six months to end-August.
The company is also considering a further dividend of 18.26c per share as a result of the excess cash, though distributable earnings per share fell 6.1% to 16.71c during the period under review.
Castleview’s property portfolio consists of one property, namely Pier 14 Shopping Centre in Port Elizabeth, a small regional shopping centre with 30,514m² of rentable space and is anchored by large national tenants such as Shoprite, Jet, Pep, Ackermans and Mr Price.
Vacancies at the property rose to 12.8% during the period, largely as a result of the cancellation of the head lease at the office tower at Pier 14, which is now being converted into 111 studio apartments.
Casltleview has a market capitalisation of R165m and is unchanged at R5 so far in 2019.