{"id":52668,"date":"2023-08-15T22:10:20","date_gmt":"2023-08-15T22:10:20","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding"},"modified":"2023-08-16T00:00:01","modified_gmt":"2023-08-16T00:00:01","slug":"resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding","title":{"rendered":"Resilient to spend about R1bn to shield its malls from load shedding"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from higher interest rates and a lower contribution from investees, but it’s still pressing ahead with an about R1 billion solar spend as it looks to insulate its SA malls from load shedding.<\/p>\n

Resilient said on Tuesday its distributable earnings fell about 16% to R681 million in the six months to end-June, hit by a lower contribution from UK mall owner Hammerson, and it has now sold most of its direct stake in that business as looks to fund its solar rollout.<\/p>\n

Resilient, valued at over R15 billion on the JSE, held about 4% of Hammerson as of 2022, but also owned almost 31% of Lighthouse Properties, which in turn owned just over 22% of Hammerson.<\/p>\n

The company has previously expressed surprise at Hammerson’s decision not to declare a dividend in its second half of 2022, saying on Tuesday Hammerson’s dividend in respect of the first half of 2023 was based on a payout ratio of 65% of its adjusted earnings.<\/p>\n

“This is below industry best practice of at least 85% and impacted Resilient\u2019s distribution on its holding as well as through its investment in Lighthouse.”<\/p>\n

Resilient also announced on Tuesday that as of 11 August, it had disposed of about 162.4 million shares in Hammerson for about R982 million, having held roughly 198 million shares at the end of December.<\/p>\n

The group said while Hammerson’s recent results were well-received by the market, its priorities were on its energy initiatives and its balance sheet.<\/p>\n

Solar developments<\/b><\/p>\n

Resilient’s strategy is to invest in dominant retail centres with a minimum of three anchor tenants, and let predominantly to national retailers. Its SA portfolio currently consists of 27 retail centres, valued at over R25 billion as of the end of December, while it also has property interests in Nigeria and France.<\/p>\n

It said on Tuesday it has invested R564 million in solar and battery installations, with a further R463 million in spending approved, and it currently generates just over 20% of its electricity from solar, while being on track to increase this to 27.7% by year end.<\/p>\n

Resilient, however said, “local authorities have been slow in implementing the amended regulations relating to solar installations announced by the President [Cyril Ramaphosa]”.<\/p>\n

Approvals have, however, recently been received from the Mbombela Local Authority in Mpumalanga to expand the solar installation at I\u2019langa Mall as well as from the Madibeng Municipality in the North West for the increase of the installation at its Brits Mall.<\/p>\n

Approval has also been received from the National Energy Regulator of South Africa to expand the solar installations at Galleria Mall and Arbour Crossing in KwaZulu-Natal. “Tshwane Municipality continues to delay approvals affecting the planned additional installations at Mams Mall, The Grove Mall and Soshanguve Crossing,” it said.<\/p>\n

Resilient also announced on Tuesday that CEO Des de Beer, who founded the group in 2002, will retire as the CEO at the end of 2023, but will remain on the board as a non-independent non-executive director.<\/p>\n

Executive director Johann Kriek, who joined the board in 2004, has been appointed as CEO elect. Kriek has been in the industry for almost four decades with an emphasis on the development and redevelopment of underperforming shopping centres, Resilient has said.<\/p>\n

Shares in Resilient, which released its results after market close, had fallen 1.6% on Tuesday and have lost just over a quarter of their value over the past one year.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from higher interest rates and a lower contribution from investees, but it’s still pressing ahead with an about R1 billion solar spend as it looks to insulate its SA malls from load shedding. Resilient said […]<\/p>\n","protected":false},"author":84,"featured_media":52667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,6058,6056,1508,1809,6057,1189,275],"class_list":["post-52668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-hammerson","tag-malls","tag-property","tag-reits","tag-resilient","tag-solar","tag-south-africa-2"],"yoast_head":"\nResilient to spend about R1bn to shield its malls from load shedding - South Africa<\/title>\n<meta name=\"description\" content=\"Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Resilient to spend about R1bn to shield its malls from load shedding\" \/>\n<meta property=\"og:description\" content=\"Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-15T22:10:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-16T00:00:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"465\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Resilient to spend about R1bn to shield its malls from load shedding\",\"datePublished\":\"2023-08-15T22:10:20+00:00\",\"dateModified\":\"2023-08-16T00:00:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding\"},\"wordCount\":595,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"hammerson\",\"malls\",\"property\",\"reits\",\"resilient\",\"solar\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding\",\"name\":\"Resilient to spend about R1bn to shield its malls from load shedding - South Africa\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg\",\"datePublished\":\"2023-08-15T22:10:20+00:00\",\"dateModified\":\"2023-08-16T00:00:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg\",\"width\":720,\"height\":465,\"caption\":\"Resilient to spend about R1bn to shield its malls from load shedding\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/south-africa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Resilient to spend about R1bn to shield its malls from load shedding\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/\",\"name\":\"South Africa\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Resilient to spend about R1bn to shield its malls from load shedding - South Africa","description":"Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding","og_locale":"en_US","og_type":"article","og_title":"Resilient to spend about R1bn to shield its malls from load shedding","og_description":"Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from ...","og_url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding","og_site_name":"South Africa","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-08-15T22:10:20+00:00","article_modified_time":"2023-08-16T00:00:01+00:00","og_image":[{"width":720,"height":465,"url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Resilient to spend about R1bn to shield its malls from load shedding","datePublished":"2023-08-15T22:10:20+00:00","dateModified":"2023-08-16T00:00:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding"},"wordCount":595,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg","keywords":["Africa Press","Africa Press-South-Africa","hammerson","malls","property","reits","resilient","solar","South-Africa"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding","url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding","name":"Resilient to spend about R1bn to shield its malls from load shedding - South Africa","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg","datePublished":"2023-08-15T22:10:20+00:00","dateModified":"2023-08-16T00:00:01+00:00","author":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Retail-focused landlord Resilient said on Tuesday it has cut its interim distribution by double-digits after a hit from ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#primaryimage","url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg","contentUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692127507.81142.jpg","width":720,"height":465,"caption":"Resilient to spend about R1bn to shield its malls from load shedding"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/resilient-to-spend-about-r1bn-to-shield-its-malls-from-load-shedding#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/south-africa\/"},{"@type":"ListItem","position":2,"name":"Resilient to spend about R1bn to shield its malls from load shedding"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/south-africa\/#website","url":"https:\/\/www.africa-press.net\/south-africa\/","name":"South Africa","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/52668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/comments?post=52668"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/52668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media\/52667"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media?parent=52668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/categories?post=52668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/tags?post=52668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}