Rockcastle posts solid growth ahead of new retail developments - CNBC Africa

Rockcastle posts solid growth ahead of new retail developments

Earnings

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Craig Brabazon Hallowes, Chief executive officer Rockcastle. PHOTO: Rockcastle

For the six months ended 31 December 2013, the company raised 235, 2 million US dollars of equity through the issue of 180 million shares.

Rockcastle also announced a 4 per cent increased dividend for the period to 4, 07 cents per share compared to the previous period.

Investment in the new 12,500 square metre Kafubu Mall located in Ndola, Zambia is set to open in April 2014 and will be tenanted by Shoprite, Edcon, Foschini, Pepkor and other national retailers.

Mukuba Mall, a 29,000 square metre development located in Kitwe, Zambia, is also set to open in April 2015 and will be anchored by Shoprite, Pick n Pay, Woolworths and Game.

Rockcastle has a 50 per cent interest in both developments and will acquire interests at a 9.5 per cent yield in US dollars.

The company stated that they have increased their exposure to higher growth stocks which are currently trading at lower yields, resulting in a limited income growth of 4 per cent for the current financial year. However, they believe that this move will reap rewards in the long term.  

 

 

 

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