In a busy 12 months to September 30, during which its merger with Gemgrow was completed, Arrowhead, or Arrowgem as it is now called, sold 57 non-core assets for more than R1billion and acquired 36 more properties for R771million.
The final dividend of 34.66cents was marginally ahead of the merger guidance of 34.62c. A total dividend of 111.15c per “A” share and 68.74c per B share was higher than the guidance communicated to the market in July.
Chief executive Mark Kaplan said in a telephone interview that the fact that 57 non-performing properties were sold at an average discount to book value of only 2percent, was an indication of the strength of the group valuation processes, in a period where many competitors were struggling to sell properties.
Arrowgem holds a diverse director portfolio of retail, office and industrial properties in all provinces valued at R10.8bn.