Property investors still betting on dividend payouts rising by the usual 8%-10% this year will be sorely disappointed — in recent months most real estate stocks have barely been able to achieve inflation-beating growth. A case in point is Redefine Properties, the JSE’s second-largest SA-based real estate investment trust (Reit) after Growthpoint Properties with a market cap of R57bn, which this week declared dividend growth of a rather uninspiring 4% for the six months to February 28. Management expects similar growth for the full year to August. Redefine’s R73bn local portfolio comprises 303 properties with 39% exposure to retail, 37% to offices and 19% to industrial buildings. It also has a small exposure to student housing as well as the hospital and hotel sector. Flagship shopping centres include Centurion Mall, East Rand Mall (50%) and Blue Route Mall in Tokai, Cape Town. Redefine’s offshore assets are valued at R19.1bn, the bulk of which are exposed to Poland through a 45% sta...

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 exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now