SA Corporate Real Estate, which has recently rebuffed takeover offers from Dipula Income Fund and Emira Property Fund, expects distributions to fall as much as 4% in its financial year as it battles with falling rental rates due to SA’s tepid economic conditions.

The group cut its distribution per share by 6% to 20.38c for the six months to end-June, but expects a slightly better performance in its second half, even as it contends with rising debt costs and increasing municipal levies. After-tax profit slipped 52.3% to R367m, with the value of its 198 properties decreasing a marginal 0.6% to R17.7bn...

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