Redefine Properties, the second-largest JSE-listed property company, told investors on Monday to brace for a lower payout, saying its distributable income would decrease in the year to August, the first fall since the 2008/2009 recession, as it struggles to grow returns in a sputtering economy.

The company, which has a portfolio of investments worth more than R90bn, said in a pre-close period investor presentation that its distributable income per share for the 2020 financial year was expected to be 5%-7% lower than the year before...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now