Indluplace plans to make up for a lack of dividend growth
The acquisition of a portfolio from the Buffet Investments group adds 2,803 units spread across 48 properties worth R1.4bn
Indluplace Properties, which is the only JSE-listed property group focused on residential property, will make up for a lack of dividend growth, says CEO Carel de Wit. The group, which owns property worth about R4.4bn, reported flat dividend growth in the six months to March, declaring a dividend of 48.56c, results showed on Wednesday. “We faced a challenging operating environment due to the local macro-economic and political uncertainty during 2017. However, our diverse portfolio is well positioned, offering value-for-money rental housing across locations, building types and unit types among various income groups,” De Wit said. The acquisition of a portfolio from the Buffet Investments group added 2,803 units spread across 48 properties worth R1.4bn. This brought the company’s total units owned to 9,662, resulting in unit growth of 74% year on year. Revenue rose from R195m to R334.7m following acquisitions and rental escalations. Overall vacancies across the portfolio rose from 4.5%...
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