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...

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