Growthpoint sees 7-7.5% rise in distribution per unit

Posted On Thursday, 21 February 2013 21:06 Published by Commercial Property News
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Growthpoint Properties says that for the six months ended December 2012‚ its distribution per linked unit is forecast to be between 7% and 7.5%.

Growthpoint PropertiesListed property investment holding company Growthpoint Properties (GRT) said that for the six months ended December 2012‚ as well as for the full year ending June 30 2013‚ its distribution per linked unit was forecast to be between 7% and 7.5% ahead of the distribution per linked unit for the previous comparable periods.

This was ahead of its guidance previously provided to the market‚ Growthpoint said. Meanwhile‚ the group said it had increased its offer for the property assets of the Fountainhead Property Trust (FPT) from 35 Growthpoint linked units to 37 Growthpoint linked units for every 100 Fountainhead units‚ and reaffirmed its intention to settle or assume Fountainhead’s outstanding interest bearing debt.

Redefine Properties has been bidding for Fountainhead’s assets after acquiring the trust’s management company in August last year‚ and Growthpoint said last month that Fountainhead’s decision to engage exclusively with Redefine about a takeover‚ until Friday‚ was a conflict of interest.

Growthpoint said on Thursday its revised offer represented an increase of 5.7%‚ or R605m‚ above its previous offer‚ and a premium of 12.8% to the closing price of Fountainhead units on February 19. “The revised offer also represents a premium of 8.6%‚ or R857m‚ to the Redefine offer on February 19‚” Growthpoint said.

Growthpoint’s unit price was 0.89% lower at R25.65 at 1.30pm on Thursday following the updates. Growthpoint’s results for the six months ended December are expected to be published on February 27. Meanwhile‚ Fountainhead’s unit price was 0.69% higher at R8.72 at the same time.

Last modified on Sunday, 09 June 2013 10:44

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