DIVIDEND GROWTH
Delay in sealing Portugal deal hits Greenbay
A delay in the completion of an acquisition in Portugal is expected to significantly reduce Greenbay Properties’ full-year dividend growth. CEO Stephen Delport described the company’s results for the quarter ended June as solid, but cautioned the full-year dividend growth would be less impressive than hoped, due to some regulatory issues that affected the acquisition of half of a Portuguese shopping centre it did not already own. "The delay in the completion of our Portuguese acquisition due to unforeseen circumstances, and the board’s decision to reduce the current leverage through sales from our listed portfolio of stocks, will result in a reduction in the forecast distribution growth for the 2018 financial year to between 15% and 20%," said Delport. The company had been guiding for distribution growth of 25%. Delport said Greenbay had been trading below its net asset value per share and the board had decided to take advantage of this discount and repurchase up to 30% of its share...
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