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Growthpoint Properties, the co-owner of the V&A Waterfront, says its landmark Cape Town asset is firing on all cylinders, with sales now up by nearly a half from pre-pandemic levels.
SA's largest property counter also flagged improvements across its various real estate segments in its first quarter to end-September, which analysts say points to a turnaround in its overall portfolio.
The property group, valued at about R35 billion on the JSE, had a portfolio of 369 directly owned properties in SA valued at R64 billion as of its 2023 year, while also having significant other interests, including in Australia and the UK. It has a 50% interest in the properties of the V&A Waterfront, valued at about R10 billion, while of its directly owned portfolio, offices and retail both account for about 40%. The rest is made up of industrial assets.
