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The JSE lists another global property ETF
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The JSE lists another global property ETF
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Other listed property counters, such as Redefine Properties, Capital & Regional (UK) and Rebosis Property Fund, have even decided not to pay out full-year dividends in their latest results. These counters have faced ballooning loan-to-value (LTV) or gearing ratios, which is largely behind the decision not to pay dividends.
Listen: Garreth Elston of Reitway Global on Redefine not paying a dividend
Like Sirius Real Estate, Schroder Pan European, EPP, Hammerson and Globe Trade Centre, which all have secondary listings on the JSE, Deutsche Konsum REIT hopes to appeal to South African investors’ appetite for offshore property investments.
The company will list in the Retail REITs sector of the JSE under the abbreviated name DKR. With a market capitalisation of about €557-million, the company invests in convenience retail properties in micro-locations in the central and regional areas of Germany outside of major cities and is listed on the Frankfurt Stock Exchange.
The DKR real estate portfolio will consist of 165 convenience retail properties with a market value of about €829-million.