Eastern Europe jacks up Hyprop dividend
Despite trading density slowdown in SA, especially among fashion retailers, strong demand for retail space is reflected in low vacancies, says CEO
The specialist shopping centre owner Hyprop Investments achieved double-digit dividend growth in the six months to December, with strong performances from its top malls being boosted by its recently acquired Eastern European portfolio. The real estate investment trust declared a dividend of 347.3c per share for the period, 16.6% up on the corresponding period in 2015. CEO Pieter Prinsloo said despite a slowdown locally in trading density, especially among fashion retailers, demand for retail space in Hyprop’s centres was strong, which was reflected in the group’s low vacancies and rental arrears. Retail vacancies were below the industry average at 0.8%. "The R15.8m H&M installation at Somerset Mall and R31m Checkers store at Atterbury Value Mart opened successfully in the period, with both retailers recording excellent trading numbers," said Prinsloo. Extensions and refurbishments valued at R260m were under way in Hyprop’s South African portfolio. As much as 4,300m² of retail would ...
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