Burstone Group has posted its interim results for the six months ended 30^th September 2025, reporting significant growth in like-for-like net operating income (NOI) from its South African portfolio of 5.3%, driven by strong retail growth and recovery in the office sector.

The Group manages total gross asset value (GAV) of approximately R42.4 billion across South Africa, Europe and Australia of which R23.8 billion represents third-party GAV. Approximately 67% of its total GAV is offshore.

Its South African portfolio recorded improved fundamentals with strong leasing activity leading to an improved overall vacancy of 4.7% (FY2025: 6.7%) with portfolio reversions improving to -2.5% (H1 2025: -8.5%).

Its retail portfolio recorded a 11.5% like-for-like increase in NOI, led by Zevenwacht Mall following its partial redevelopment in H2 2025, and improved trading conditions across its shopping centres.

Burstone’s office assets recorded a 4.1% like-for-like increase in NOI, benefiting from lower negative reversions and improved tenant retention while its industrial portfolio reported a 3.8% like-for-like decrease in NOI due to a tenant business default.

The Group invested R143 million in capex and it has committed to an additional solar rollout of 8MW (+60%) within the next year.

Its European portfolio’s returns were underpinned by strong positive rental reversions of 16.3%, offset by increased vacancies to 14.8%. In September 2024, Burstone announced its partnership with Blackstone on the Pan European Logistics Platform (PEL) .

In Australia, the Group has co-invested R330 million in two industrial platforms (through its partnership with Irongate) alongside TPG Angelo Gordon and Phoenix Property Investors. The total GAV of these platforms equates to c.A$400 million (approximately R4.5 billion).

During the period, Australian third-party equity under management grew to A$668 million (a 7% increase), driven by increased equity deployment alongside TPG AG into two recent acquisitions with a combined asset value of A$85.6 million.

Irongate has also successfully attracted additional third-party equity under management with existing capital partners, committing a further A$170 million of growth equity, which when deployed, will increase equity under management by 11%.

Burstone still retains its effective 18.67% ownership stake in ITAP Fund Australia.

The Group’s distributable income per share (DIPS) increased by 3% to 51.07 cents per share for the period (H1 2025: 49.53 cents per share), partially offset by marginally dilutive South African disposals in FY2025, the impact of funding capex, offshore investments, and transactional cash flow timing.

Its fee income from third-party funds management activities increased by 70.6% to R58 million, now representing 14.1% of distributable earnings (H1 2025: 8.5%).

Burstone’s proforma LTV currently sits at 39%, having earmarked R1 billion to R1.5 billion of assets for disposal over the next 18 months.

Its Board declared a dividend of 45.96 cents per share (H1 2025: 44.58 cents per share), maintaining a 90% payout ratio.