Gemgrow lifts dividends as growth strategy hits the mark
COO Alon Kirkel says Gemgrow focused on active letting strategies, refurbishments, disposals and yield-enhancing acquisitions of 12 properties
Gemgrow Properties, which focuses on high-yield, high-growth properties, delivered 7% growth in its B-share dividend for the year to September, in line with guidance. Against a backdrop of increasingly difficult operating conditions, Gemgrow increased A-share dividends 5% to 106.91c per share while B-share dividends grew by 7% to 78.70c per share. Gemgrow said it had executed its strategy to enhance its property portfolio. As many as 12 accretive acquisitions to the value of R549m were concluded which, after accounting for the disposal of six non-core assets, capital additions and fair value adjustments, resulted in an increase in the gross lettable area (GLA) of the portfolio to 751,981m² compared with 690,263m². The portfolio was worth R4.8bn. COO Alon Kirkel said the year had been a strong one for the company, which was able to buy numerous assets from larger listed funds. “The past year saw us focus on reshaping and improving the defensive quality of our core portfolio through a...
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