Development-focused investment fund Pivotal Fund achieved a 23.91% increase in its net asset value per share (NAVPS) to R22.80 for the year ended February 29.

“The growth in our NAVPS was attributable to the revaluation of the income-producing properties, fair value adjustments on current developments and financial instruments, an increase in net working capital and gains on foreign currency translation,” said CE Jackie van Niekerk.

The company’s combined property portfolio increased to R11.3-billion and R1.2-billion for directly and indirectly held assets respectively.

During the year under review, Pivotal acquired properties and strategic land for development to the value of R494-million. It also bought a 37.1% share in the Oando Wings office development under construction in Nigeria.
 
“Pivotal has a secure long-term development pipeline that was further bolstered with the acquisition of additional development land to the value of R494-million,” said Van Niekerk.

The fund had also entered into an agreement to invest up to R370-million in Mara Delta Property Holdings. During the year under review, Pivotal completed its first investment into Mara Delta by way of a subscription of about two-million shares in Mara Delta at a cost of $3.41-million.
 
“The transaction gives Pivotal the benefits of diversification of risk by way of a spread of quality income producing investments and quality development opportunities,” Van Niekerk said.
 
Post year-end, Pivotal entered into a share sale agreement and a coinvestors agreement with Redefine Properties which would result in Pivotal acquiring about 6.06% of Echo Prime Properties B for a consideration of €31.07-million.
  
Echo owned a €1.18-billion portfolio of prime shopping centres and offices across Poland. The effective date of the transaction would be May 31.