Growthpoint’s dip into the UK could turn into a big splash
Maybe it should even consider selling some of its local assets and using the proceeds to expand there further
Growthpoint Properties (https://www.sharenet.co.za/v3/quickshare.php?scode=GRT), SA’s largest real estate company, is cautiously looking to enter the UK property market, which is relatively cheap at the moment thanks to Brexit uncertainty.
The company has exposure to nearly R140bn worth of assets in SA, Australia, Poland and Romania. It announced last week that it wanted to buy Capital & Regional, a group that owns convenience centres in Blackburn, Hemel Hempstead, Ilford, Luton and Maidstone.
Capital & Regional’s portfolio is worth £797m (about R14.6bn) but its share price has come under huge pressure, with its market capitalisation now sitting around R2.7bn...