Investec Property declares dividend

INVESTEC Property Fund will pay an interim dividend of 44.52 cents (70.93c) a share for the six months to September 30, 2020, representing a payout ratio of 95 percent of distributable earnings, due to debt successfully refinanced and a modest improvement in the operating environment, a trading update said on Friday.

Distributable earnings a share for the year to March 31, 2021 was expected to be 30-35 percent lower than last year, primarily due to the impact of Covid-19 and the concessions granted to tenants in the first half, joint chief executive Andrew Wooler said in a presentation on Friday.

While local performance recovered marginally in the second half, this was offset by lower accretion from reduced ownership in Pan European Logistics (PEL) and the Belgium assets, and no dividend from the UK investment, he said.

The balance sheet was in a strong position and loan to value was expected at 39 percent at year end, versus 43.8 percent at end September 2020.

The operational performance was improving and evidenced by strong rental collection in South Africa of 94 percent and Europe of 99 percent, for the 11 months to February 2, 2021.

Source: iol.co.za