Western Cape real-estate veteran Mike Flax and his understudy, Quintin Rossi, are banking on "semigration" across wealth brackets into the province to drive their latest property fund. The pair say their company, Spear, may be able to deliver sector-beating dividend growth because of this growing trend. Semigration involves people moving from other parts of SA, particularly Gauteng, to the Cape in search of work and a different lifestyle. Spear, the only regionally specialised property fund, was set to grow its dividend 9%-11% a year for the next two years because of its ability to buy well in the province, said Flax on Thursday after the release of financial results for the year to February. Other South African real estate investment trusts grew their dividends 3%-5% on average this reporting season. Spear’s results were the group’s first complete financial year since the company was listed in November 2016. The company’s assets under ownership increased 117% during the 2018 financ...

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