Pivotal Fund listing on JSE brings REIT market cap to R523bn
Becoming the twentieth company and the seventh real estate investment trust (REIT) to join the Johannesburg bourse this year, property investment and development fund the Pivotal Fund has officially listed on the main board of the JSE.
The Monday listing brought the number of real estate holding and development companies listed on the JSE to 42, with the total market capitalisation of REITs now more than R523-billion.
Prior to its listing, Pivotal successfully raised R1-billion through an oversubscribed private placement, enabling it to list with a market capitalisation of around R5-billion.
The group’s income-producing properties was currently valued at around R7.8-billion and, as part of its investment strategy, the group intended to incorporate a “significant” African component into its portfolio over the next five years.
By gross rentable area (GRA), Pivotal’s property portfolio consisted of 51.2% retail, 44.5% commercial and 4.3% industrial. It operated in three provinces, with 87.4% of its portfolio by GRA in Gauteng, 8.7% in the Free State and 3.9% in Cape Town, in the Western Cape.
“Pivotal’s listing will provide the company with access to equity funding to continue pursuing both development and acquisition growth opportunities, while also providing investors with access to an A-grade portfolio with superior returns over the long term,” commented Pivotal CEO Jackie van Niekerk.
JSE Capital Markets director Donna Oosthuyse added that the improved access to capital that would result from the listing would enhance Pivotal’s ability to pursue property opportunities when they arose to generate growth for shareholders.
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