DEBUT RESULTS
Nepi Rockcastle expects a double-digit dividend growth
The largest real estate group listed on the JSE releases its first set of results as a merged entity
Nepi Rockcastle, which was formed out of the merger of New Europe Property Investments (Nepi) and Rockcastle Global Real Estate, is expecting high double-digit dividend growth in the year to December. The largest real estate group listed on the JSE, with a market capitalisation of R100.5bn, released its first set of results as a merged entity on Tuesday. The company said distributable earnings per share for the year 2017 were expected to be about 17% higher than the 2016 pro-forma distribution of €0.41 per share published in the Nepi Rockcastle prospectus. Nepi achieved €0.23 in distributable earnings per share for the six months to June and Rockcastle achieved $0.058 in distributable earnings per share for the same period. The resulting combined distribution declared by Nepi Rockcastle was €0.235 per share. Nepi Rockcastle focuses on investments in dominant retail real estate assets in high-growth central and eastern European markets. It owns several assets in Romania, Poland and S...
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