Cautious approach leads to Gemgrow meeting its forecasts
JSE-listed Gemgrow Properties remains focused on its core portfolio even as it remains actively pursuing yield enhancing acquisitions. In its maiden full year results on Thursday, the company declared a dividend of 26.09c per A share and 19c per B share for the quarter ended September. This brings the total dividend for the full year to 101.87c per A share and 73.51c per B share, and is in line with the forecast in the circular posted to shareholders in September 2016. Alon Kirkel, the chief operating officer of the specialist high-yielding, high-growth real-estate investment trust, said the company had to be very cautious and turned down various possible acquisitions in the reporting period. "Often sellers’ prices have been unrealistic. We have looked at deals that would amount to billions, as the economic environment is tough and challenging. We prefer to be extra patient," he said. "We are pleased to announce meeting our forecast, as per the circular, during this reporting period...
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