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Texton expects higher interim divided

15th February 2016

By: Anine Kilian

Contributing Editor Online

  

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JSE-listed Texton Property Fund expects to report a dividend a share of 51.38c for the six months ended December 31, a 15% improvement on the 44.68c a share reported for the six months to December 2014.

The results reflected the impact of Texton’s investment into the UK, the decline in value of the South African rand, the impact of capital raising, accretive investments and a reduction in vacancies.

“Much work has been done on implementing our UK strategy over the past 18 months. Texton’s solid performance for the interim period further benefitted from our timing into the UK real estate market, as our on-the-ground presence supported strategic execution in good time,” CEO Angelique de Rauville said in a trading update on Monday.

She added that the fundamentals of Texton’s South African portfolio remained in place, but noted that the company was concerned about continued headwinds on the back of a low-growth economy.

“The fund will continue its disposal of noncore assets, including assets that create a drag on earnings. Executive management has been bolstered significantly with highly skilled and capable individuals. We have every confidence in their ability to grow shareholder value,” said De Rauville.

Texton would release its interim results this month.
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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