The Company declared a dividend of 24,85 cents per A share and 18,15 cents per B share for the quarter ended 31 March 2017.

Gemgrow holds a diverse portfolio of retail, office and industrial properties. Gemgrow’s focus is to pay growing income returns to its shareholders on a sustainable basis. This will be obtained through escalating rentals, satisfactory lease renewals, renting of vacant spaces, managing and reducing costs as well as acquiring revenue enhancing properties.

The company owns a portfolio of 129 retail, industrial and office properties valued at R4,3 billion, located across all provinces in South Africa. Investment property has increased from R2,4 to R4,3 billion for the six months. This was attributable to an asset exchange with Vukile Property Fund of 14 retail assets of R2,4 billion in exchange for 29 retail, office and industrials properties. Gemgrow also acquired 100 properties valued at R1,9 billion from Arrowhead.

“We are excited about the future of Gemgrow and offer shareholders exposure to a unique dual-class share structure with a focus on acquiring assets at attractive yields that will boost growth prospects for the company over time,” commented Junaid Limalia, CFO of Gemgrow.

Gemgrow also conlcuded agreements to acquire R477 million worth of properties at a yield of 11,85%. These acquisitions are still subject to various conditions. These properties are yield and quality enhancing and cement the Gemgrow strategy of growing the portfolio aggressively through yield enhancing acquisitions,  

Alon Kirkel, COO of Gemgrow concluded, “We are on track to ensure that we meet our dividend forecast for the year and are well on our way to create and maintain shareholder value through our unique positioning, affording us opportunities to deliver yield accretive acquisitions.”