Grit Real Estate, the only JSE-listed Africa-focused property fund, saw its income-producing assets increase 16.7% from $508m to $592m during the last six months of 2017. The pan-African group transferred various properties during the second half of the year, which enabled it to meet its dividend forecast. Chief finance officer Leon van de Moortele said the company had clinched various long-term leases where tenants paid in US dollars or euros. This meant Grit was able to pay dividends in hard currency and South African investors could buy into the share as a rand hedge. Grit, which on Thursday released financial results for the six months to December, declared a dividend of $0.607 per share for the reporting period. The company forecast growth in dividends of 3% to 5% on the prior year’s full-year distribution of 12.07c per share. Regardless of the rand having strengthened in recent months, fund managers with a long-term view on listed property are diversifying their holdings acros...

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