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Eastern European shopping centre owner Nepi Rockcastle's share price slipped 5%, the most decline in three months, as the company gave a disappointing dividend outlook for 2019. The company, which owns €5.9bn worth of shopping centres across nine countries, achieved dividend growth of 9.54% for the year to December 2018, shy of its 10% target. But CEO Alex Morar said growth would ease to around 6% in 2019.
He said Nepi Rockcastle's portfolio would grow at about 5% on an organic basis and that a further 1% could be added to the growth in dividends through new developments coming online in 2019.
"I think 6% would a very solid income return for our investors as they are mostly South African and we pay out our income in euro. So I don't understand why our share price has come down today like it has. You won't 6% driven almost purely by existing assets, from other European property companies ," said Morar.
The stock fell 5% to R120.50 on Wednesday, its most since a 14% drop on November 2...
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