Safari Investments: Maiden cash distribution at 34 cents

Published Oct 30, 2014

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SAFARI Investments RSA, which focuses on township retail property, yesterday reported a maiden cash distribution of 34c a share since listing its R1.4 billion assets on the real estate investment trust sector of the JSE in April. Revenue rose by 15 percent to R70.5 million from R61.3m in the previous corresponding period. Headline earnings a share increased by 12 percent to 28c from 25c. Safari’s portfolio has seven properties, four established retail centres serving as regional centres – Denlyn in Mamelodi and Atlyn in Atteridgeville in Pretoria; Thabong in Sebokeng; and The Victorian in Heidelberg. Chief executive Francois Marais said vacancies were below 1 percent of income-generating retail space and the average rental escalation for the period was 9 percent. In August it began a construction of the R462m Platz am Meer Waterfront development in Swakopmund, Namibia. He said the development and extension pipeline would ensure Safari maintained its growth. Shares closed unchanged at R8 yesterday. – Roy Cokayne

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