Thriving Safari hunts R3bn property target
The group said on Wednesday, 22 June, that during the year under review, it had increased its portfolio to 19 properties valued at R2.2bn, from a previous nine properties worth about R1.7bn.
The company, which listed in April 2014, said its focus on township shopping centres was serving it well and that its expansion plans in Namibia were also gaining traction.
CEO Francois Marais said Safari was looking to more than double its portfolio from the R1.3bn it listed with in 2014, to R3bn by the end of 2018.
Revenue increased 22% year-on-year to R172m, with R140m in the 2015 financial year.
The company's net asset value per share was R8.54 at year-end.
The investment company declared a cash distribution of 32c per share due at the end of June.
Safari is expanding its operations in the rest of Africa. In October, the company will open its first investment across the border, the Platz am Meer Waterfront development at Swakopmund in Namibia.
The 50,000m² development consists of 27,000m² of retail space, 31 penthouses and six apartments.
The shopping centre's anchors include Woolworths, Checkers, Dis-Chem and Edgars.
Safari has also been touted as a takeover target because many of the properties it owns are well-located, and some retail-focused larger companies have struggled to buy new, well-positioned malls.
Source: Business Day