Gemgrow declares maiden dividend
Real estate investment trust Gemgrow Properties declared a dividend of 24.85c per A share and 18.15c per B share in its maiden results for the six months ended March 31.
Investment property increased from R2.4-billion to R4.3-billion for the six months, attributable to an asset exchange with Vukile Property Fund of 14 retail assets of R2.4-billion in exchange for 29 retail, office and industrial properties.
Gemgrow also acquired 100 properties valued at R1.9-billion from Arrowhead. This brought the entire portfolio across retail, industrial and office properties to 129.
“We are excited about the future of Gemgrow and offer shareholders exposure to a unique dual-class share structure with a focus on acquiring assets at attractive yields that will boost growth prospects for the company over time,” CFO Junaid Limalia commented.
Gemgrow has also concluded agreements to acquire R477-million worth of properties at a yield of 11.85%. These acquisitions are still subject to various conditions. These properties are yield- and quality enhancing and cement the Gemgrow strategy of growing the portfolio aggressively through yield-enhancing acquisitions, the company stated.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation