Redefine Properties boosts dividend 7.8% as market confidence climbs

Redefine Properties is using the phrase 'cautiously optimistic' about the future of the property market in South Africa.

In it's annual results published on Monday, its Headline Earning Per Share (HEPS) is up by 11% for the year to the end of August.

Other highlights include it's net asset value per share is up by 3,6%, a Group net operating margin of 76.2% and its Dividend Per Share upped by 7,8% to 45.84 cents.

The South African-based Real Estate Investment Trust is now valued at more than R103.2 billion.

Speaking to Stephen Grootes on The Money Show, Redefine Properties Group CEO Andrew König says the business is a much better position than it was a year ago.

"If you just look at the business as a whole, our total assets have grown by R4,4bn to R106bn. That's underpinned by growing local assets here in South Africa. From a value perspective, lifting R1,9bn. We've recycled a whole lot of capital, we've sold properties to the value of R1,1bn here in South Africa and Poland a further R163bn," said König.

He adds that a combinations of various factors, including a drop in interest rates this year and the workforce fully returning to the office has contributed positively to Redefine's financials.

"If you look at most parking lots in buildings, generally they are really full and filling up. And if you just drive around Sandton in peak hour, you're starting to feel that as well," said König 

To hear more from Redefine Properties CEO  Andrew König, listen to the interview audio at the top of the article.