High-flying Transcend property group pays maiden dividend
The specialised residential property owner aims to give investors exposure to a ‘robust rental market’
Transcend Residential Property Fund, which listed in 2016, managed to beat its forecasts, declaring a dividend in its maiden financial results. In results on Thursday, the specialised residential property owner declared a dividend of 5.60803c a share for the six months to December. Although the reporting period covers six months, the results represent operating activities for three months only, as Transcend recognised income and expenditure from the effective date of October 1 2016, the company said. The profit for the current period was largely due to a net gain on fair value adjustments to investment property of R11.39m. The headline earnings attributable to equity holders was R5.14m. At about 3%, very few residential portfolios in SA are listed, but there is interest in specialised, lower-risk funds. Transcend, which owns differentiated rental residential property, listed in December. It had existed as an entity since the beginning of October. CEO Rob Wesselo said the fund aimed ...
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