JSE-listed property fund reports 39% increase in client arrears
Texton Property Fund has halved its interim dividend, reporting on Tuesday that arrears from clients has climbed by more than a third in an environment characterised by limited economic growth and oversupply of office space.
Distributable earnings decreased 8.8% to R120.9m, with revenue from the UK falling after the disposal of assets. During the period the group sold a noncore office building in Newcastle, known as Tesco Chobe,The group said arrears from clients rose 38.7% to R17.9m, though it noted that December was a slow period, and collections should pick up in its second half.
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