Office and industrial landlord Growthpoint Properties Australia has launched a buyback of its securities in an effort to shore up stock which has been trading around 20 per cent below its net tangible asset value.
The $2.4 billion property trust announced the move with its 2021 interim result, which recorded a lift in both funds from operations, up 1.7 per cent to $98.4 million, and in statutory net profit, which improved 1.9 per cent to $205.8 million.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
