File picture: James White

JOHANNESBURG - Property group Hyprop on Friday reported 8.3 percent growth in distributions during the six months to December 2017, driven by a stable performance from South African shopping centres and a strengthening southeastern European portfolio.

The JSE-listed real estate investment trust declared a dividend of 376.3 cents per share for the period, compared with 347.3 cents in the six months to December 2016.

"South African shopping centres achieved positive trading results in a tough market, recent acquisitions in South-Eastern Europe boosted consistently strong trading in the portfolio and the inclusion of Ikeja Mall in Nigeria also made a small difference in the period," CEO Pieter Prinsloo said.

Prinsloo said  the more positive sentiment and outlook for South Africa should improve consumer confidence, but cautioned that this would take time to translate into a turnaround in the economy.

 Hyprop said it expected 8 - 10 percent growth in dividends for the full year to 30 June 2018.

- African News Agency (ANA)