BUSINESS DAY TV: Ample opportunity for Growthpoint in southeast Europe
Growthpoint CEO Norbert Sasse talks to Business Day TV about half-year results, which led to it raising its interim distribution 6.1%
Growthpoint CEO Norbert Sasse speaks about half-year results, which resulted in interim distribution rising 6.1%
BUSINESS DAY TV: In line with market guidance, Growthpoint Properties today reported distribution growth of just over 6% for the six months to December. The REIT saw a 10% increase in total distributable income and improved portfolio vacancies, a touch from 5.7% to 5.4%. That’s despite weak property fundamentals at play in the South African market. CEO Norbert Sasse joins us in the News Leader studio now. Norbert, I touched on your improved portfolio vacancies but that’s within this very weak economic environment where there is greater competition between shopping centres, and a soft office market as well. So how much is that slight improvement actually costing you? Because it must cause you some compromise when it comes to not only retaining new tenants but also attracting new ones? NORBERT SASSE: Sure, and undoubtedly the market is as tough as it has been. On the one hand in terms of competition, and as weak as it’s been; on the other hand in relation to demand-side growth, which ...
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