Growthpoint Properties, South Africa’s biggest listed property company, has launched an American Depositary Receipt (ADR) programme to attract US investors.
Each Growthpoint depositary receipt represents two ordinary shares and trades in the US under the symbol “GWPTY”.
Growthpoint ordinary shares trade on the Johannesburg Stock Exchange (JSE) under the symbol “GRT”.
Growthpoint executive director Estienne de Klerk said the US market was constantly looking for investment opportunities, “so we want to make the investment in Growthpoint as accessible as possible.
“As all income is distributed on a half-yearly basis, management seriously considers the capital allocation of new investments (either acquisitions or developments) and carefully evaluates whether a new investment is sufficiently yield-enhancing for Growthpoint,” De Klerk said.
“The management team has proven in the past that this gives investors a better return.”
Growthpoint closed on the JSE yesterday at R 24.70