We are an international property company with assets on three continents and the largest South African primary REIT (Real Estate Investment Trust) listed on the JSE. Importantly, Growthpoint is investing more than R500m to upgrade all its core retail centres to keep them dominant, defensive and relevant.Workshop17, 50% co-owned by Growthpoint, added two new co-working spaces at Workshop17 Tabakhuis in Paarl and Workshop17 Firestation in Rosebank, taking its locations to four, including 138 West in Sandton and the V&A Waterfront. It has conservative gearing with a consolidated loan-to-value ratio of 35.9%. Its foreign debt and distributions are well hedged and dividends more than cover interest charges.Growthpoint owns and manages a diversified portfolio of 559 property assets including 447 properties across South Africa valued at R77.2bn and Growthpoint’s 50% interest in the properties at V&A Waterfront, Cape Town, valued at R9.2bn.
The portfolio has a weighted average lease length of about nine years reflecting the defensive nature of investing in healthcare real estate.Growthpoint provided R2.1bn to acquire the Growthpoint Healthcare’s starting portfolio, a portion of which has been converted into equity leaving Growthpoint as the anchor investor with an equity investment to R650m on the first close date. A snapshot of the biggest breaking business stories, market indicators, access to portfolios, and more, by Fin24 deputy editor, Jan Cronje.Its first close attracted capital commitments of R285m from third parties. We own and manage a diversified portfolio of over 550 property assets, locally and internationally. We will continue to enhance the diversity and defensiveness of Growthpoint’s portfolio with international investment and new income streams, and create value for all our stakeholders,” concludes Sasse.The solid set of results deliver on Growthpoint’s market guidance and place it on track to achieve its forecast of approximately 4.5% growth in dividend per share for FY19, subject to no further deterioration in its South African client base. GWI’s dividend was up 22.7% in Euros for its FY18, and GPRE paid Growthpoint its first dividend of R59m. It also began new developments of 26,400sqm of new offices at Globalworth Square and a 17,700sqm logistics project at Timisoara Airport Park.“Low levels of certainty and sagging business confidence makes leasing challenging and expensive. GOZ’s dividend grew at 3.6% for the half-year and it has confirmed that it expects the same for its full-year. The Cape Town water crisis impacted hotel occupancies and turnover, but the precinct’s hotels still outperformed their peers in the city. Growthpoint Properties Limited is the largest property investment holding company listed on the Johannesburg Stock Exchange. Future escalations on renewal were maintained above 7% but overall vacancies moved from 5.4% to 6.5%.“We have delivered a robust set of half-year results with key strategic gains achieved in an incredibly tough operating environment.
Our dedicated team managed to lease over 670,000sqm of space in the half year,” notes Sasse.Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.Growthpoint’s RSA property portfolio contributed a negative 2.1% to distributable income growth, which includes group costs and treasury, on the back of South Africa’s depressed macroeconomy and worsening property fundamentals, which put pressure on occupancies, rentals and costs. Vacancies in this portfolio, however, increased from 4.0% to 5.7% linked to general economic conditions.Trading densities in Growthpoint’s RSA retail portfolio increased 1.5% and core vacancies increased slightly from 2.2% to 2.4% over the period. GHPH, which has a R2.6bn portfolio of five assets, has raised R700m of third-party funds and has a strong pipeline of both acquisition and greenfield development opportunities.“There are good opportunities to grow by acquisition in Poland and through development in Romania.
The trading and development division is currently busy with a R2.7bn development pipeline for Growthpoint’s portfolio in South Africa and some R900m of third-party development. Growthpoint’s goal is to generate consistent, recurring income from third-party development fees and trading profit capped at very conservative levels.During the period Growthpoint issued corporate bonds for three, five and seven years and upheld its Moody’s national scale rating of AAA.za. It is also prudently leveraged with 85.6% of debt fixed at a weighted average interest rate of 6.8% including AUD and EUR cross-current interest rate swaps and European debt. In the half-year, it saved 5,674 tCO2e with energy produced by solar, or R9.7m. This asset is performing strongly relative to the rest of the South African portfolio; however, it is not immune to the macro-economic environment and its retail rentals are under pressure and turnover rentals are down. It also owns 52 properties in Romania and Poland, 100% valued at €2.5bn through its 28.96% share in LSE AIM-listed Globalworth Investment Holdings (GWI) and its 21.6% share in Warsaw-listed Globalworth Poland Real Estate (GPRE).Growthpoint’s new funds management business, comprising Growthpoint Investec African Properties (GIAP) and Growthpoint Healthcare Property Holdings (GHPH) is on track to reach its target of R15bn in assets in the next three to five years. Growthpoint Properties - Integrated Annual Report 2016 - Overview of property portfolio, online annual report developed by Overend Outsource The $212m raised on GIAP’s first close is expected to be fully invested by 30 June 2019.
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