Liberty Two Degrees (L2D), co-owner of Sandton City, has reported an increase in net property income.
- For the six months ending June, net property income rose 8.2% to R295.2m from R261m recorded in June 2022.
- Turnover rental increase, a recovery in the hospitality portfolio, and expected rates recoveries at some retail portfolios were key drivers of the increase.
- L2D’s portfolio includes premium shopping centers such as Sandton City, Eastgate, and Melrose Arch.
- L2D is a property investment company that focuses on high-end retail and commercial properties.
- The company has been impacted by the COVID-19 pandemic, with many tenants struggling to pay rent during lockdowns.
- L2D has taken steps to mitigate the impact of the pandemic, including providing rental relief to tenants and reducing costs.
- The increase in net property income is a positive sign for the company as it continues to recover from the pandemic.