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Growthpoint Properties Investment Proposition
541 An international property company with assets in South Africa, Eastern Europe, Australia and the UK, Growthpoint Properties is the largest South African primary REIT (Real Estate Investment Trust) listed on the JSE and a 50% stakeholder in the V&A Waterfront in Cape Town. With an increasing number of assets offshore, we own and manage a diversified portfolio of over 541 property assets, locally and internationally. Growthpoint has operated as a REIT from 1 July 2013. A tax regime that provides “flow-through” on a pre-tax basis of the net property income to investors in the form of a taxable dividend, REITs are the most prevalent structure for investment in property in international jurisdictions. As investment in listed property continues to globalise, the REIT structure has become a recognised international standard. Growthpoint is included in the JSE Top 40 Index with a market capitalisation of R49.9bn and an average of R2.8bn worth of shares traded per month, as of 31 December 2022.
Our investment proposition at a glance:
- The largest South African, primary JSE listed REIT
- Diversified across international geographies, sectors and income streams
- Quality of earnings, underpinned by high-quality physical property assets
- Largest portfolio of internally managed properties in South Africa
- Fast –growing funds management business
- Experienced in-house development capability
- Uninterrupted track record of paying dividends
- 38th largest company in the FTSE/JSE Top 40 Index
- Market capitalisation R49.9bn (at R14.54 per share)
- Liquid and tradeable with R2.8bn average value of shares traded per month
- 13th year inclusion in FTSE/JSE Responsible Index
- 6th year inclusion in the FTSE4Good Emerging Index
- Large portfolio of Green Star rated buildings in South Africa
- Constituent of FTSE EPRA/NAREIT Emerging Index
- Dynamic and proven management track record
- Best practice corporate governance
- Transparent reporting
- Level 1 B-BBEE contributor
- Investment grade SA domestic debt rating
- The largest South African, primary JSE listed REIT
- Diversified across international geographies, sectors and income streams
- Quality of earnings, underpinned by high-quality physical property assets
- Largest portfolio of internally managed properties in South Africa
- Fast –growing funds management business
- Experienced in-house development capability
- Uninterrupted track record of paying dividends
- 38th largest company in the FTSE/JSE Top 40 Index
- Market capitalisation R49.9bn (at R14.54 per share)
- Liquid and tradeable with R2.8bn average value of shares traded per month
- 13th year inclusion in FTSE/JSE Responsible Index
- 6th year inclusion in the FTSE4Good Emerging Index
- Large portfolio of Green Star rated buildings in South Africa
- Constituent of FTSE EPRA/NAREIT Emerging Index
- Dynamic and proven management track record
- Best practice corporate governance
- Transparent reporting
- Level 1 B-BBEE contributor
- Investment grade SA domestic debt rating
South African Business
Growthpoint owns and manages a portfolio of 376 directly owned properties in South Africa. Valued at R64.0bn, it is spread across a broad range of sectors:
International Business
Growthpoint has a 62.7% holding in Australian stock exchange–listed Growthpoint Properties Australia (GOZ), which owns 28 office properties and 31 industrial properties situated mainly on the Eastern seaboard of Australia, and a 61.5% interest in London Stock Exchange–listed Capital & Regional (C&R) which owns five, needs-based retail assets in the United Kingdom.
Growthpoint also has a 29.4% stake in London Stock Exchange (AIM) listed Globalworth Real Estate Investments (GWI), which own mainly office assets in Poland and Romania.
Lango Real Estate Limited, managed by Lango Real Estate Management Limited, and established by Growthpoint and Ninety One, was launched in 2018 and strategically timed to take advantage of a highly attractive entry-point into retail, office and industrial assets located in key cities on the African continent (excl. South Africa) offering strong growth prospects.
Our Timeline: The Growthpoint Story
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1987OCTOBER
Incorporation as a public company.
NOVEMBER
Listing as public company under the “Financial –real estate” sector of the JSE –with 17 properties valued at R90.1m.
2001AUGUST
Growthpoint has a market capitalisation of R30m and assets worth R120m.
SEPTEMBER
Mine Pension Funds (MPF) reverse their listed property assets into Growthpoint for the total purchase of R1.5bn.
2002OCTOBER
Growthpoint acquires R650m worth of listed property stocks from MPF.
MAY
Growthpoint merges with Primegro Properties Limited (Primegro) by way of acquiring all Primegro’s assets to the value of R2.5bn.
2005JUNE
Acquisition of a portfolio of 48 office, industrial and retail properties and one hospital from Tresso Trading 119 (Pty) Ltd for a total of R1.16bn.
AUGUST
Growthpoint announces R900m BEE deal. Broad-based BEE consortium acquires 14,2% shareholding in a non-dilutive transaction.
NOVEMBER
First issue under R5bn CMBS programme.
Growthpoint launches its R5bn securitisation programme with the largest issue to date in the property sector of R805m five-year notes.
2006FEBRUARY
Growthpoint announces another “first” for the property industry by securing a R500m seven-year loan facility from Old Mutual Specialised Finance making substantial savings in the interest rates.
JUNE
Acquisitions of a further 23 office, industrial and retail properties from Tresso for a total of R1.4bn. Acquisition of R2.4bn industrial property fund, Metboard Properties Limited.
DECEMBER
BEE Partner (Phatisma) acquires 22m Growthpoint linked units (R280m).
2007JANUARY
Acquisition of R3.4bn Paramount portfolio.
JULY
Growthpoint acquires property asset management and property administration business of IPG for R1.6bn.
2008MAY
Launch of enterprise development initiative – Property Point.
JUNE
Growthpoint acquires R3.4bn worth of properties during 2007/08 financial year, taking asset value to R27bn.
NOVEMBER
Inclusion in the EPRA/NA REIT Emerging Market Index. Inclusion in the MSCI Emerging Market Index.
DECEMBER
Inclusion in the JSE Top 40 Index.
2009JANUARY
Successful rights offer of R1.742bn.
JULY
Acquires 50.1% of Australian listed Orchard industrial property fund, now Growthpoint Properties Australia Limited (GOZ).
SEPTEMBER
Increase investment in GOZ to 76.2% with a total investment of R1.3bn.
Inclusion in the JSE Socially Responsible Index.
2013MAY
General capital raising of R2.52bn from local and foreign investors.
JULY
Real Estate Investment Trust (REIT) status granted by the JSE (previously Property Loan Stock). Linked unit capital structure converted to pure equity.
2014JANUARY
Acquisition of 100% of the issued shares in Abseq Properties (Pty) Ltd, owning 17 properties for R360m.
MARCH
Acquisition of 100% of the issued shares in Tiber Property Group (Pty) Ltd, owning 38 properties.
APRIL
Acquisition, settled by issues of Growthpoint shares for an interest of 34.9% in Acucap Properties Limited and 31.5% in Sycom Property Fund.
2017JUNE
Growthpoint has a market capitalisation of R70.7bn and property assets worth R122.3bn. Establishment of R2.3bn Healthcare REIT, comprising of four hospitals and one medical suite. Maiden income earned for the trading and development for third parties.
DECEMBER
Additional EUR113.8m invested in GWI taking ownership up to 29%. GWI expansion into Poland with the acquisition of 71.7% of GPRE.
2018MARCH
Issue of USD425m five-year Eurobond which was immediately swapped into EUR351m at around 3.3%.
APRIL
USD212m of capital commitments secured for Growthpoint Investec Africa Properties (GIAP, recently renamed Lango).
JUNE
Acquires 21.6% of GPRE for EUR150m.
2019APRIL
Consolidation of GPRE into GWI and an additional EUR93m invested into GWI during 2019.
DECEMBER
Acquisition of USD500m of properties predominantly in Ghana, Nigeria and Zambia for GIAP (recently renamed Lango). Acquisition of 51.1% of UK based, Retail REIT, Capital & Regional for GBP150m.
2020Growthpoint has a market capitalisation of R40.4bn and group property assets worth R166.7bn of which 40.8% is located offshore.
R10bn of assets under management in Growthpoint’s multi-fund management business spread across Lango Real Estate Limited (Lango), formerly GIAP, and Growthpoint Healthcare Property Holdings (GHPH).
DECEMBER
R4.3bn equity raise to pro-actively strengthen the balance sheet as the business faces headwinds from the COVID-19 pandemic.
2021MAY
GHPH acquires 51% of the subsidiary that owns the R194m Busamed Paardevlei Hospital.
AUGUST
GHPH acquires the Cintocare Hospital for R516m.
NOVEMBER
R480m additional investment into Capital & Regional increasing our shareholding to 60.8%.
Transaction concluded for a $80m equity and convertible debt package from the International Finance Corporation for GHPH.DECEMBER
Establishment of R2bn purpose-built student accommodation fund – Growthpoint Student Accommodation Holdings (GSAH).
2022JUNE
Growthpoint Investment Partners surpasses its initial goal of R15bn of assets under management (AUM) and sets a new target to double the AUM to R30bn by FY27.
SEPTEMBER
Launched Growthpoint’s student residence platform, Thrive Student Living, with a portfolio of well-located, modern properties.
Major shareholders
Holding >2% at HY23 % Holding Shares Held Public Investment Corporation (SOC) Ltd15.4527 958 751NinetyOne SA (Pty) Ltd4.6156 803 621The Vanguard Group Inc.4.5154 935 174Sesfikile Capital (Pty) Ltd4.2144 392 576Sanlam Investment Management (Pty) Ltd4.1142 215 341MeagoAsset Managers (Pty) Ltd3.7127 305 285Old Mutual Investment Group (South Africa) (Pty) Ltd3.6124 735 758Blackrock Institutional Trust Company N.A.2.897 477 815STANLIB Asset Management Ltd2.481 109 863Catalyst Fund Managers (Pty) Ltd2.378 646 364Total Shareholding > 2%47.61 635 580 548Other52.41 795 206 518Total1003 430 787 066Foreign Ownership:
31% of institutional ownership and 27% of total shares outstanding.
Dividend history graph
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