Growthpoint's V&A Waterfront stake delivers R964.7m as FY2026 revenue holds at R13.3bn
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Cape Town's V&A Waterfront paid Growthpoint Properties R964.7 million in distributable income for the year ended 30 June 2026, up 19%, as the REIT reported flat revenue of R13.3 billion.
The Victoria & Alfred (V&A) Waterfront in Cape Town delivered R964.7 million in distributable income to Growthpoint Properties for the financial year ended 30 June 2026, up 19.0% from R810.5 million a year earlier. Growthpoint, a South African real estate investment trust, holds a 50% stake in the mixed-use precinct.
The group's annual results showed revenue of R13.3 billion, down 0.2% from the previous year excluding straight-line lease income adjustments, while like-for-like net property income increased by 10.6%, supported by increased tourism, higher footfall and improved retail performance.
Growthpoint said its share of the V&A's distributable income benefited from once-off residential profits at 5 Dock Road of R139.0 million, notwithstanding the temporary closure of the Table Bay Hotel for redevelopment. The hotel has since reopened as the InterContinental Table Bay, while the Edition Hotel, a superyacht marina and expanded luxury retail offering are expected to support the precinct's long-term growth and earnings diversity.
The R964.7 million share implies the V&A Waterfront generated roughly R1.93 billion in total distributable income for the year. Growthpoint described the precinct as one of its highest-quality and most differentiated income platforms, with exposure to retail, tourism, hospitality, residential development and operations.
Office performance remained uneven, with the Western Cape delivering strong operating results while Gauteng faced elevated vacancies and negative rental reversions. The group said improving South African operating fundamentals, strong coastal performance, the V&A's reliable income and lower finance cost margins provided a sound foundation for the 2027 financial year.