PROPERTY FUND
Texton hits the bottom as CEOs turn the exit stiles
Texton Property Fund, which has had four CEOs in as many years, has released the worst set of financial results of any property company in the current reporting season. The real estate investment trust, which struggled with increased vacancies at its office assets in SA as well as devaluations in its UK retail portfolio, reported that its dividend shrank 13.1% in the year to June. The R180m cost of internalising its management company also weighed on its performance during the reporting period, results showed on Monday.
Texton was formed in 2014 after the takeover of SA-focused Vunani Property Investment Fund. It was then externally managed by Texton Property Investments which helped it invest in the UK. The idea was to grant investors diversification across the two regions. Executives including Nosiphiwo Balfour, the latest CEO to resign, and Nic Morris before her, spent two years selling many of its underperforming SA assets. The strategy included achieving an even SA-UK spl...
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.