JSE-listed retail-focused real estate investment trust (Reit) Hyprop Investments says it remains on track to deliver growth in distributable income per share (DIPS) of 10% to 12% for the financial year ending on June 30.
In a pre-close operational update on the five-month period to end-May, the company says its liquidity position is strong, with R1.7-billion in cash and R2-billion in available bank facilities.
Recent refinancing of bond and loan facilities at lower margins, combined with strong investor demand, has further reduced the cost of debt.
The group’s loan-to-value has decreased to below 30%, following the disposal of the 50% undivided share of Woodlands Boulevard.
In May, Hyprop announced that it would acquire shopping centre Galleria Burgas, in Bulgaria. This transaction is in line with the Reit’s diversification strategy and its intention to leverage regional macroeconomic tailwinds.
