Gemgrow wants to double portfolio
The property company invests in a diverse portfolio of retail, office and industrial properties
Gemgrow Properties, a specialist high-yielding, high-growth property group, planned to double its R4.3bn portfolio within the next three years, its management said on Wednesday. "We are well on our way to create and maintain shareholder value through our unique positioning, affording us opportunities to deliver yield-accretive acquisitions," chief operating officer Alon Kirkel said. The group, which was formed from the consolidation of Synergy Income Fund and Cumulative Properties, declared a dividend of 24.85c per A share and 18.15c per B share in its maiden financial results for the quarter to March 2017. It is on track for a full-year dividend of 101.87c for A shares and 73.36c for B shares. Gemgrow invests in a diverse portfolio of retail, office and industrial properties, focusing on assets valued from R20m to R100m. The company owns a portfolio of 129 retail, industrial and office properties across SA’s nine provinces.