Tower’s NAVPS increases by 1.8% in H1

JSE-listed real estate investment trust Tower Property Fund, which has a diversified portfolio of properties in South Africa and Croatia, achieved a 1.8% increase in its tangible net asset value per share (NAVPS) to R9.14 for the six months ended November 30, 2018. This is compared with the NAVPS reported for the financial year ended May 30, 2018.

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Construction on new mixed-use Barlow Park Precinct to start in May

The R3-billion-plus redevelopment of Barlow Park Precinct, a co-investment between Barloworld, Atterbury Property and African Rainbow Capital, will start in May, Atterbury confirmed in a statement on Thursday. Each party will hold one-third of the property.

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Energy Regulator to announce Eskom tariff decision on March 7

The National Energy Regulator of South Africa (Nersa) will announce its decision on Eskom’s fourth multiyear price determination (MYPD4) application, as well as the State-owned utility’s 2017/18 regulatory clearing account (RCA) submission on Thursday March 7. The determination will be released at Nersa’s Kulawula House head office, in Pretoria at 13:00.

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‘All hands on deck’ at Fairvest amid tough retail market

South African real estate investment trust (Reit) Fairvest Property on Wednesday announced solid results for the six months ended December 31, 2018, with interim distributions having increased by 8.3% year-on-year to 10.6c a share. CEO Darren Wilder attributed this to the company’s focus on a differentiated sector of the market and its “unrelenting drive to excel at property fundamentals”.

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US government agency’s backing of Tetra4 takes project ‘to next level’ – Renergen CEO

Integrated alternative and renewable energy business Renergen on Wednesday announced that the US government’s development finance institution, the Overseas Private Investment Corporation (OPIC), had approved a $40-million loan facility in favour of Tetra4’s Virginia gasfield project. Tetra4 is a Renergen subsidiary.

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Nzimande outlines Sanral projects that will benefit from R3.5bn stimulus package

Transport Minster Blade Nzimande on Tuesday revealed that the R3.5-billion set aside for transport under the Economic Stimulus and Recovery Plan would be used to supplement funding in three key focus areas, namely the N2 Wild Coast road (N2WCR) upgrades, in the Eastern Cape, the N3 upgrades, in KwaZulu-Natal and the Moloto road upgrades, in Limpopo and Mpumalanga. President Cyril Ramaphosa in September 2018 announced the Economic Stimulus and Recovery Plan, which outlined broad measures to set the country on a new growth path.

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Melbourne road project takes heavy toll on WBHO

A botched roads project in Melbourne, Australia, saw operating profit at Wilson Bayley Holmes-Ovcon (WBHO) nose-dive from R510-million for the six months to end December 2017, to R3-million for the same period last year. The Western Roads Upgrade (WRU) design and construct project consists of the widening of roads and upgrades to various intersections in suburban Melbourne.

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Aveng outlines piecemeal sale process being pursued at Grinaker-LTA

JSE-listed construction and engineering group Aveng says the disposal process for Grinaker-LTA is well advanced, but has also confirmed that the company will not be sold as a single going concern. The R95-million sale of Aveng Water has already been agreed and newly appointed CEO Sean Flanagan reports that an announcement regarding the sale of Grinaker-LTA’s civil engineering and building unit should be made soon.

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Wild Coast Sun hotel achieves Net Zero Waste rating

Hotel and resorts group Sun International has become the first company in Africa to receive a Green Building Council of South Africa (GBCSA) Net Zero Waste rating for an ambitious recycling effort at its Wild Coast Sun property, in Port Edward.

The award is the first of its kind in the country and, although the Wild Coast Sun was already sending zero waste to landfill by the end of 2016, the verification process required one full year’s data before it could be certified.

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Cashbuild interim earnings down 11%

Southern Africa’s largest retailer of building materials and associated products Cashbuild on Tuesday reported an 11% decrease in interim headline earnings per share. Cashbuild still declared an interim dividend of 435c per ordinary share for the six months to December.

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