Chief executive Quintin Rossi said in an interview that while it had been a tough year so far, Spear’s Western Cape focus had allowed management to be “close at hand” to “problem solve and batten down the hatches” where necessary.
The group said its revenue increased 18 percent to R251.1 million, compared with the same period last year.
Spear has more than 30 properties in the Western Cape and achieves diversification from investing in different asset types. Some 7 percent of its lettable area is in hotels, 8 percent in retail, 32 percent in commercial and 63 percent in industrial assets.
Rossi said strong demand for industrial, office and retail space had underpinned growth, but their hotels were under pressure due to some residual impact of the water crisis on tourism, a weak economy and slower corporate spending, which hurt the business tourism trade.