Equites Property Fund, which is focused on high-end logistics assets, delivered double-digit growth in dividends for the six months to August, making it one of the top-performing listed real estate groups. The company achieved a 12.02% increase in half-year dividends to August, one of the few double-digit income providers in 2017. It was also included in the FTSE/JSE South African Property Index (Sapy) for the first time. Equites CEO Andrea Taverna-Turisan said the company, which has a market capitalisation of about R8.5bn, was well positioned as a specialist industrial fund and was only facing meaningful competition from one other listed group, the R63bn Fortress Income Fund. "Our base portfolio is very strong and is spitting out good money. Our cost of capital is very attractive and we are effectively only competing with one group that owns similar assets and attracts similar tenants — Fortress Income Fund, which is also listed," he said. "We are able to have a crack at many major...

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