LISTED PROPERTY
Growthpoint increases its Australia investment
Growthpoint is diversifying its income streams and has grown beyond R70bn
Growthpoint Australia (Goz), the subsidiary of Growthpoint Properties, the largest locally based property stock on the JSE, has bought 18.16% of Australian office and industrial-focused Reit, Industria, from 360 Capital FM for A$68.1m (about R700m). Growthpoint is diversifying its income streams and has grown beyond R70bn. Industria’s share price rose 3.98% in trade on the Australian Securities Exchange after the deal was announced. Growthpoint CEO Norbert Sasse said the company wanted 30% of its bottom line derived from offshore sources and had chosen to invest further in Australia. About 19% of its earnings stem from offshore assets. Growthpoint’s asset base, which includes half of the V&A Waterfront in Cape Town, is worth about R120bn on a consolidated basis. Industria has a $552m portfolio that is geographically diversified with properties in Brisbane, Sydney, Melbourne, Adelaide and Newcastle. The portfolio consists of an almost fifty-fifty mix of industrial and office properti...
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.