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The merger between Arrowhead and Fairvest appears to be exactly what the doctor of commercial property ordered. Not only have the two created the largest SA-only-focused diversified listed property group, but the group exceeded the dividends it previously guided investors to expect when it presented the first set of its full-year financial results as a merged entity on Wednesday.
Fairvest maintained a dividend payout ratio equal to 100% of its distributable income for its A shares and exceeded its guidance for the B shares by 4.4%.
The two property firms merged on 26 January this year, creating a R12.1 billion portfolio of 141 retail, office and industrial properties. They have since recorded notable growth in the combined entity's earnings and net asset value, improving the liquidity of its share on the JSE and its weighting in various property indices.
