Redefine ups interim distribution
Redefine Properties’ head office in Rosebank, Johannesburg. Picture: SUPPLIED
Head of research at Anchor Stockbrokers, Craig Smith, said Redefine’s dividend growth rate was at the lower end of its guidance, but that was expected given tough conditions in SA. In SA, the “active portfolio vacancy rate” rose to 5.7% from 4.5% as vacancies rose in the student accommodation portfolio.
Dampened consumer and business confidence, “and floundering investment spending”, will weigh on the local property market. “Leasing is a long-term game and there is little confidence. We hope that a positive result will be achieved. Then our president can be bold and pull the levers he has to achieve the easy wins at least,” he said.
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