Safari Investments - Portfolio optimisation to enhance value

Safari Investments (SAR) is a retail property specialist that owns and operates suburban shopping centres in South Africa and Namibia: four small regional shopping centres and four community centres. The book value of the investment property portfolio is ZAR4.0bn. The company's strategy is to enhance value through acquiring new assets, redevelopments and refurbishments, and divesting non-core assets. SAR plans to dispose of two non-core shopping centres: Mnandi in Atteridgeville and Platz am Meer in Swakopmund, Namibia. The stock's historical dividend yield is 12.4% and it is trading at a price to book of 0.6x. The healthy dividend yield has been achieved despite FY24 debt repayments, while shareholders have benefited from recent share buybacks.

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