Attacq, the real estate investment trust (Reit) behind the development of Waterfall City, said on Tuesday its distributable earnings per share grew by 9.5% to 45c in the six months ended December. Growth was driven by additional income from completed developments and a higher dividend from MAS Real Estate, Attacq said. The company would pay an interim dividend of 40.5c a share, it said. However, the Reit’s net asset value per share decreased by 2.4% to R23.66 mainly due to the full-year dividend payout of R520m in October 2018 and impairments against the group’s rest-of-Africa retail assets. While the R21bn SA portfolio grew distributable earnings by 17.7%, distributable earnings from retail investments in the rest of Africa fell to R31m, from R42.7m a year before. Attacq’s exposure to the rest of Africa is via a 25% shareholding in Gruppo, the owner of Nigeria’s Ikeja City Mall, and a 31.8% stake in AttAfrica, which is invested in four retail properties in Ghana and one in Zambia. ...

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