South Africa’s biggest listed property company, Growthpoint Properties, has launched an American Depositary Receipt (ADR) initiative to attract American  investors.

Growthpoint launched its ADR program on the over-the-counter market in the U.S. through a sponsored ADR programme with BNY Mellon, reports South Africa Info. This program will give American investors the chance to buy dollar-denominated shares in a South African-based diversified property company that distributes all its net rental income every half year.

Each Growthpoint depositary receipt represents two ordinary shares and trades on the OTC market in the U.S. under the symbol GWPTY, reports South Africa Info.

In July, Growthpoint became a real estate investment trust (REIT)  and  company is the 40th largest REIT globally by market capitalization and the largest REIT in emerging markets.

South Africa is expected to have the eighth-largest REIT sector worldwide, once all listed property companies and property unit trusts have converted to a REIT.

According to Growthpoint executive director Estienne de Klerk,  the U.S. market was constantly looking for investment opportunities, “so we want to make the investment in Growthpoint as accessible as possible. As all income is distributed on a half-yearly basis, management seriously considers the capital allocation of new investments (either acquisitions or developments) and carefully evaluates whether a new investment is sufficiently yield-enhancing for Growthpoint.”