BUSINESS DAY TV: What Growthpoint plans with its Romanian investment
Norbert Sasse, CEO of Growthpoint, discusses the property group’s first-half performance and its recent acquisition in Romania, with Nerina Visser of etfSA BUSINESS DAY TV: Growthpoint has launched its expansion strategy into central and Eastern Europe and that’s by acquiring a 26.9% stake in Romanian-based Globalworth Real Estate Investments in a deal worth just over €186m. Growthpoint CEO Norbert Sasse joins us in the studio now, still with us as well Nerina Visser from etfSA. Norbert, so you’ve acquired this stake, why? Is it purely a hard earnings incentive that’s directed you down this path and the need to offset some of the home pressure you now face? NORBERT SASSE: Probably a combination of all of that absolutely, so no doubt that the domestic environment remains pretty challenging and just the simple basics of investing into property here where yields for the quality stuff that we want ... certainly if you compare the stuff that Globalworth owns in Bucharest, it is arguably ...
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