Redefine upbeat after results
Property group says rationalising portfolio protected against uncertainty and helped boost distributions
Redefine Properties’ decision to rationalise its portfolio some six years ago has enabled it to meet market expectations, says CEO Andrew Konig. The diversified real estate investment trust grew its distributions 7.5% to 44.82c per share in the six months to February, in line with expectations. Various property groups are expected to struggle to come close to double-digit income payouts in the current reporting period, analysts have forecast. Redefine acquired The Pivotal Fund in a share-swap transaction during the period. Through this acquisition, Redefine acquired 32 Pivotal properties valued at R10.4bn, including developments in progress and land holdings for future development. Nesi Chetty, the head of listed property at Momentum Asset Management, said Redefine’s results were "average" in a difficult environment. "Achieving 7.5% in this environment is okay. It’s a large portfolio and it is difficult to do very large value-accretive deals," he said. "Vacancies are low overall in ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.