Jump in Investec fund’s dividend
LISTED Investec Property Fund reported 12.2% growth in distributions a share to 68.37 cents for the six months to September from 60.91c in the prior period.
The interim dividend included a one-off antecedent dividend received from the Investec Australia Property Fund (IAPF), related to the final second-half dividend for its 2017 financial year that was received on shares subscribed for in IAPF’s rights offer in February.
On a normalised basis, core year-on-year dividend, a share growth was 7.2%. Revenue, excluding straight-line rental revenue adjustment, grew 9% to R888.5 million. – Roy Cokayne