Hybrid property group Greenbay aims to grow dividends by as much as 25% per year over the next three financial years, it said on Wednesday. Such dividend growth is based on the assumptions that a stable global macroeconomic environment will prevail, there will be no failures of listed real estate or infrastructure investment, that no further direct property and infrastructure investment will be made, and that the additional investment in listed securities will be funded by debt, among other things, the company said. Greenbay’s strategy is to invest in direct property and infrastructure assets as well as in listed real estate and infrastructure securities. Greenbay, which is listed in Mauritius and on the JSE, intends to declare a dividend of 0.236 euro cents per share. Fayyaz Mottiar, head of listed property at Absa Asset Management, said Greenbay was a very exciting investment. “These guys are excellent operators. Their gearing is very low at 10% and they have an excellent balance ...

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