In its first set of financial statements since listing on the JSE, real estate investment trust Liberty Two Degrees (L2D) has reported a distribution of 4.85c per unit for the year ended December 31.
The company on Thursday said it had R2.8-billion in cash available for acquisitions, positioning it to focus on its local growth strategy in the short term.
“Growth is expected from carefully identified quality acquisition targets, as well as the current development pipeline in respect of Liberty Midlands Mall, the Eastgate Complex and Melomed Hospital,” it said in a statement.
Further, it noted that construction work at the Eastgate Complex, which started in January 2016 was nearing completion. “Virgin Active took occupation at the end of January and will start operating in March. The office tower is scheduled for completion in April and, to date, 84% [of the space] has been leased,” L2D said.
Looking at the year ahead, L2D management is confident that the strategic approach of investing in high-quality assets that remain resilient and defensive during tough economic times, positions it for sustainable growth.
The company aims to deliver on the distribution forecast in its prelisting statement of 65c a unit for the year ending December 31, 2017.