JSE-listed real estate investment trust Growthpoint has reported a slight easing in vacancies in its South African portfolio, to 9.2% for the year ended June 2023, as its retail and industrial sectors report improvements and the office segment stabilises.
Growthpoint has confirmed it expects to stay under pressure for as long as South Africa’s economic growth is muted.Improvements in new leases across the three domestic sectors and the revenue increases in the Australian operations have boosted total revenue by 5.3% to R13.7 billion this period. Until his departure, Sasse will have to steer the company through another challenging year, which Growthpoint expects will be marked by higher interest rates affecting both local and offshore investments.