Growthpoint boss lauds positive results
CEO Norbert Sasse attributes positive performance to strong contributions from the V&A Waterfront in Cape Town and its east European arm
SA’s largest property company, Growthpoint Properties, is sticking to its knitting and not taking any extraordinary risks while its competitors face a host of challenges, according to CEO Norbert Sasse. Sasse spoke on the sidelines of the release of the group’s financial results for the six months to December, which he said was the toughest half-year period for the real-estate investment trust (Reit) since the 2008 recession. Growthpoint posted distribution growth of 6.5% per share, meeting its guidance, while it grew its asset base to R127.7bn. Similar dividend growth was expected for the full year to June 2018. Growthpoint increased its total distributable income by 10.6% from its prior half year to a substantial R2.9bn. Group property assets increased 4.4% to R127.7bn and group net asset value grew 3.9% to R25.93 per share. Sasse attributed this positive performance to strong contributions from the V&A Waterfront in Cape Town and its east European arm, Globalworth Real Estate Inv...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.