The view from Spear Reit Ltd on the 16th-floor office at its new premises at 2 Long Street paints a panoramic picture of the hustle and bustle which is inner-city development in the Mother City.
Its focus on owning high-quality Western Cape real estate allowed it to declare an interim distribution for the first half of the 2019 financial year of 41.73 cents per share amid ever increasing headwinds in the South African economy and a crippling water crisis.Cape Town’s geography makes it a fantastic city to live in and we will continue to attract tourists, immigrants and new business, which put pressure on our space and resources.
Spear has been selective when issuing equity. He and his management team are mindful of placing equity at the right price to ensure existing shareholder value is not eroded in the process and existing shareholders who have supported Spear since inception are rewarded in the form of distribution per share growth.
They also believe that the company will benefit from an increase in tourism numbers as the rand weakens and visa requirements ease.We continue with our long-term faith in the region and believe these attributes and strong property fundamentals will contribute to attracting demand for its properties,” says Rossi.Concentration and focus are two attributes that generally pay dividends in investment. Specialised Reits are by their very nature focused investment companies.
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