Attacq increases net asset value ahead of conversion to Reit

28 Feb 2018

Property group Attacq's annual net asset (NAV) amounted to R23.51bn at end-December, up 10.1% from the previous year, the group announced on Tuesday, 27 February.

Attacq increases net asset value ahead of conversion to Reit

The group, which developed Mall of Africa in Midrand, reported distributable earnings per share of 38.9c for the six months to end-December from 16.1c in the previously comparable period in 2016.

The gearing ratio improved from 41.4% to 36.2% year-on-year.

Attacq had a operational portfolio of retail, commercial and industrial properties with a weighted average lease expiry profile of 6.7 years as at 31 December from 6.4 years in June 2017. The value of the existing South African portfolio increased to R20.6bn, comprising 73.2% of Attacq's total gross assets.

Attacq said it was making good progress towards converting to a real estate investment trust (Reit). It has targeted a maiden dividend payment of 73c per share, payable in October 2018, for the year ended June 30 2018.

It is anticipated that Attacq's distributions will grow 20% a year for the next three financial years starting 1 July.

At 9.19am Attacq shares were up 0.26% to R19.35 in JSE trade.

Source: BDpro

Source: I-Net Bridge

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