Internationalisation drives Growthpoint’s earnings
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Internatinalisation is paying off for Growthpoint. The country's largest primary listed REIT reported a 5.9% rise in
interim distributable income largely driven by the company's investments in Australia and Central Eastern Europe
while the domestic market recorded no growth.
Growthpoint properties says it will have to rely on its international assets for growth. That's as the company expects little to no growth from its South Africa portfolio due to the weak economy. The news comes as the company released interim results on Wednesday and the numbers speak to the problem.
Vacancy levels in South Africa rose to 6.5% largely due to a spike in the office sector specifically but it's offshore portfolio managed to soften the blow and as a result distributable income during the period ticked up 5,9%.
This allowed the company to increase its dividend by 4.5% to 105.8 cents.
Growthpoint CEO Norbert Sasse talks to Business Day TV about the company’s financial results and international strategy.
interim distributable income largely driven by the company's investments in Australia and Central Eastern Europe
while the domestic market recorded no growth.
Growthpoint properties says it will have to rely on its international assets for growth. That's as the company expects little to no growth from its South Africa portfolio due to the weak economy. The news comes as the company released interim results on Wednesday and the numbers speak to the problem.
Vacancy levels in South Africa rose to 6.5% largely due to a spike in the office sector specifically but it's offshore portfolio managed to soften the blow and as a result distributable income during the period ticked up 5,9%.
This allowed the company to increase its dividend by 4.5% to 105.8 cents.
Growthpoint CEO Norbert Sasse talks to Business Day TV about the company’s financial results and international strategy.
