Resilient was launched in December 2002 as a property loan stock company. Last year this retail property specialist started reducing exposure to listed property stocks in preparation for a three-year building programme.
The value of listed property stocks fell by R237m - R48m of it due to lower valuations - to R528m, reducing exposure to this asset class to 23% of total assets. Reducing income from listed stocks in favour of rental income should be yield-enhancing.
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