Poor growth prospects for SA property portfolio, Growthpoint warns | Fin24
 
  • Money Flows

    About 3 000 super-rich have left SA in the past 10 years, according to a new report.

  • Nelson Mandela

    Madiba would have been alarmed at the polarisation and hate speech in SA, says Derek Hanekom.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Poor growth prospects for SA property portfolio, Growthpoint warns

Mar 13 2019 13:15
Fin24

Growthpoint [JSE:GRT] has warned that properties in its SA portfolio are expected to show little growth in the 2019 financial year as "property fundamentals remain weak and are worsening".

The REIT on Thursday published its condensed unaudited results for six months ended December 31, 2018. 

Profit before taxation for the half year was R4.3bn, compared to a restated R6.6bn in the six months ended December 2017. 

Headline earnings per share came in at 81.77 cents in HY2019, down from 101.04 cents in HY2018. 

The JSE-listed group said that in the full 2019 financial year, it expected most growth to come from its international investments, although it expected the V&A waterfront in Cape Town - in which it has a 50% share - to perform better than the rest of its SA portfolio.

Growthpoint has a portfolio of 447 directly owned properties in South Africa valued at R77.2bn. The group also has a 66.0% interest in Growthpoint Properties Australia, which owns 59 properties in Australia valued at R38.3bn.

growthpoint
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you think government can solve the Eskom crisis?

Previous results · Suggest a vote

Loading...