ROCKCASTLE Global Real Estate’s assets in Poland helped it grow its dividend 8.2% in the first half of its financial year, in line with market expectations.
The group, which has been a consistent strong performer in the past couple of years, announced on Wednesday that it would continue to invest directly in Poland, but was also considering acquisitions in the Czech Republic and Hungary.
"Rockcastle continues to make progress on various potential transactions in Poland as well as the Czech Republic and Hungary, which will enable us to leverage off our Central and Eastern European operational platform," CEO Spiro Noussis said.
Rockcastle’s net asset value per share increased from $1.46 to $1.56 for the reporting period.
About €350m was invested in retail property in Poland, with the majority of this being spent on three new centres.
Rockcastle finalised transactions last month that saw it acquire the Karolinka, Platan and Pogoria shopping centres in Poland.
The combined purchase price of these assets was about €270m.
Following the deal, Rockcastle owned four shopping centres and had two retail developments scheduled to be completed in the fourth quarter of this year.
Keillen Ndlovu, the head of listed property funds at Stanlib, said he expected offshore property-focused stocks to outshine many domestically based funds this year.
"We are forecasting income growth of 9%-10% this year. This growth has been boosted by increased offshore exposure and a weaker rand.
"Stripping out offshore exposure, the income growth slows down to 6%-7%. Offshore earnings now make up over 30% of the SA Listed Property index" said Mr Ndlovu.
Mr Noussis was pleased at progress, but wary that markets were volatile and it could become more difficult to grow returns in the second half of its financial year.
Rockcastle CEO Spiros Noussis. Picture: SUPPLIED BY ROCKCASTLE
ROCKCASTLE Global Real Estate’s assets in Poland helped it grow its dividend 8.2% in the first half of its financial year, in line with market expectations.
The group, which has been a consistent strong performer in the past couple of years, announced on Wednesday that it would continue to invest directly in Poland, but was also considering acquisitions in the Czech Republic and Hungary.
"Rockcastle continues to make progress on various potential transactions in Poland as well as the Czech Republic and Hungary, which will enable us to leverage off our Central and Eastern European operational platform," CEO Spiro Noussis said.
Rockcastle’s net asset value per share increased from $1.46 to $1.56 for the reporting period.
About €350m was invested in retail property in Poland, with the majority of this being spent on three new centres.
Rockcastle finalised transactions last month that saw it acquire the Karolinka, Platan and Pogoria shopping centres in Poland.
The combined purchase price of these assets was about €270m.
Following the deal, Rockcastle owned four shopping centres and had two retail developments scheduled to be completed in the fourth quarter of this year.
Keillen Ndlovu, the head of listed property funds at Stanlib, said he expected offshore property-focused stocks to outshine many domestically based funds this year.
"We are forecasting income growth of 9%-10% this year. This growth has been boosted by increased offshore exposure and a weaker rand.
"Stripping out offshore exposure, the income growth slows down to 6%-7%. Offshore earnings now make up over 30% of the SA Listed Property index" said Mr Ndlovu.
Mr Noussis was pleased at progress, but wary that markets were volatile and it could become more difficult to grow returns in the second half of its financial year.
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