Growthpoint lifts full-year distribution but warns of tougher 2019
Growthpoint Properties, which is SA’s largest real-estate group, has reported 6.5% growth in full-year distributions to R2.09 per share, in line with its guidance.But the company trimmed down its forecast for 2019 distributions, due in part to weak South African economy.Growthpoint has 454 directly owned properties in SA valued at R78.8bn, according to its results statement released on Thursday, which makes it sensitive to the performance of the local economy.It also has a 65.5% interest in Growthpoint Properties Australia, which owns 57 properties in Australia valued at R33.6bn. Additionally, the group own stakes in several other entities, which gives it a diversified global reach.Growthpoint’s 50% share of the V&A Waterfront is the largest of these investments, followed by a 29% stake in Globalworth Real Estate Investments and a 21.6% stake in Globalworth Poland Real Estate.Total distributable income was up 10% (R560m), to R6bn in the year to June, from the matching period a year ...
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.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.