South Africa’s retail-focused landlord Resilient has cut its interim distribution by double-digits. This after a hit from higher interest rates and a lower contribution from investees. News24 reports that 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 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.
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