Investec Property Fund’s (IPF’s) new management team says the group’s expansion into Europe has helped it weather difficult operating conditions at home. In fact, the offshore contribution to dividend growth dwarfed that of local operations, said new joint CEOs Andrew Wooler and Darryl Mayers.  IPF grew its dividend 5.1% in the year to March 2019, above prevailing inflation rates. The group’s offshore exposure helped boost dividend growth significantly while the domestic portfolio achieved net income growth of only 0.8%. However overall, the total dividend growth was weaker than the 8.5% it achieved in the year before.   

“Our full-year dividend growth is in line with guidance, and the majority of it was driven by our new pan-European logistics investment,” Wooler said. The group has positioned itself as a defensive and reliable investment while the listed real estate sector battles through its worst period in years, according to fund managers. This was partly thanks to...

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