The group reports it is battling with rising utility costs and increased vacancies due to SA's weak economy
The group reports it is battling with rising utility costs and increased vacancies due to SA’s weak economyProperty group SA Corporate has trimmed its full-year distribution by double digits, reporting rising vacancies and rental reversions as the property sector struggles in SA’s anaemic economy.
The group also expects distribution for its 2020 year to fall by between 3% and 6%, with vacancies doubling to 4.2% in its year to end-December 2019. The group’s portfolio of 193 properties is valued at R17.4bn, and its 50% joint venture in three Zambian properties is valued at R930.6m. The group’s portfolio covers industrial, retail, commercial and residential buildings, mostly in major metropolitan areas of SA.In morning trade on Wednesday, SA Corporate’s share price was down 0.49% to R2.04, having fallen by a third so far in 2020.
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