Gemgrow declares maiden dividend

Real estate investment trust Gemgrow Properties declared a dividend of 24.85c per A share and 18.15c per B share in its maiden results for the six months ended March 31. Investment property increased from R2.4-billion to R4.3-billion for the six months, attributable to an asset exchange with Vukile Property Fund of 14 retail assets of R2.4-billion in exchange for 29 retail, office and industrial properties.