Indluplace to build up portfolio
Indluplace Properties, the first residential-focused REIT listed on the main board of the JSE, hopes to be more acquisitive during the rest of 2017, having had to manoeuvre in volatile market conditions for months.
The group has grown its dividend 5.5%, financial results for the six months to March show. This is in line with market guidance.
CEO Carel de Wit said on Wednesday, 10 May, the group had to deal with the rising cost of borrowing, though Indluplace was considering a number of acquisition opportunities.
Since listing, Indluplace has grown its portfolio more than 49% to 5,511 units in 117 buildings.
The portfolio is valued at R2.4bn.
During the reporting period it acquired Garden View, a 64-unit complex in Randburg for R25m. It has since agreed to acquire another residential portfolio (Diluculo) for R475m.
The deal will increase Indluplace's number of units by 24%.
Evan Robins, of Old Mutual Investment Group, said: "The increase in vacancies compared with six months ago was disappointing but there may be a seasonal factor at play."
Indluplace's share price fell 1.94% on Wednesday and year-to-date is down 1.90%.
Source: Business Day
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
