Growthpoint reports mixed performance as load shedding weighs, but V&A Waterfront is booming | Business

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South Africa's biggest listed property group, Growthpoint, the co-owner of the V&A Waterfront, said on Thursday the hit from load shedding had helped prompt a mixed performance across its diverse portfolio in the nine months to end-March | News24_Business

SA's biggest property group Growthpoint has reported a mixed performance for its nine months to end-March.

In an update, the owner of assets such as the East Rand Mall said load shedding is significantly affecting both it and its tenants’ costs, with diesel expenses reaching R87 million, up R40 million in its third quarter alone. In its retail portfolio, rental reversions improved from a fall of just over 13%, to just over 11%, with this trend expected to continue until year-end. But the company warned retailers faced additional challenges in terms of load shedding and higher interest rates, with consumers continuing to prioritise value offerings and non-discretionary purchases.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.

Operating profit increased by 23% and surpassed pre-pandemic figures by 5%. Rental relief given to hospitality tenants was 82% down from the same nine months of its 2022 year. Precinct-wide, the V&A had a negligible 0.4% vacancy rate and is enjoying extraordinarily high demand for office space, it said.

 

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