THABANG MOKOPANELE

Property Editor

SA’s largest listed property group, Growthpoint Properties, has disposed of two noncore buildings for a combined R261m in line with its strategy to cultivate a high-quality property fund and reduce its exposure to noncore properties.

Growthpoint divisional director of office portfolio Rudolf Pienaar said the sales had been achieved at an opportune time and the funds raised would be reinvested to enhance a number of the group’s existing property assets. The sale of the two buildings, Garden Court South in Durban and Tulbagh Park in Pretoria, represented a profit over June book value for both properties of a combined R70m. The profit on historic cost was R138,5m.

“Through the constant re evaluation of assets, acquisition of prime investments and disposal of noncore properties, Growthpoint will continue to offer investors exposure to a sectorally balanced, geographically diversified, high-quality physical property portfolio,” Growthpoint CEO Norbert Sasse said.

In September, Growthpoint, with assets exceeding R29,2bn and a market capitalisation of more than of R20bn, bought a 76,2% stake in an Australian Securities Exchange listed property fund, rebranded as Growthpoint Properties Australia. It has 23 warehousing and distribution properties valued at about A660m.

Last year, Growthpoint bought a number of office and industrial properties valued at R395,3m.

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GROWTHPOINT

Full year20092008

Revenue (Rbn)3,4302,920

Pretax (Rbn) 1,6121,363

Net Income (Rbn)2,5972,184

Headline EPS45,26159,31

Dividend PS 114,60106,50

Source: Business Day