Small and simple pays off for township mall owner Fairvest as consumers struggle

Small and simple pays off for township mall owner Fairvest as consumers struggle

JSE-listed landlord Fairvest said on Monday its grocery-anchored shopping centres in CBDs, townships and rural areas have held up well in a struggling economy as lower-earning customers prioritise spending on daily food shops.

A solid performance from its retail property segment, which makes up about 70% by revenue of its R11.8 billion real estate portfolio, helped drive like-for-like net property income growth of 7% for the six months ended March, the group reported on Monday. At the same time, its vacancies remained at a relatively low 5.3% overall, although they had increased from 4.5% at the end of September last year. The company also has had to contend with rising property expenses, which increased by 8.8%, mainly driven by above-inflation hikes in municipal costs. Group revenue increased 9.6% to R994.3 million, with a 7% increase in net operating income to R582.5 million.South Africans need to be in the know if we want to create a prosperous future.

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News24 /  🏆 4. in ZA

Darren Wilder Property

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