Financial services firm Liberty has finalised the acquisition of real estate investment trust Liberty Two Degrees' (L2D's) minority shares at R5.55 a share and terminated the listing of L2D shares on the JSE.
“We have always valued our investment in L2D and expect this transaction to facilitate the consolidation of our high-quality property assets and enhance the options to unlock the full potential of these assets. Further, L2D will be in a stronger position to achieve scale and create additional value now that L2D is a wholly owned subsidiary within the Standard Bank Group,” said Liberty CE Yuresh Maharaj.
Liberty is a subsidiary of financial services group Standard Bank Group.
“L2D sought to create value for stakeholders by producing a market leading operational performance, reporting ahead of industry benchmarks in a challenging operating environment. We are pleased to be part of the broader Standard Bank Group, where L2D is enabled to operate within a larger organisational context and create value for a larger stakeholder base,” said L2D CE Amelia Beattie.
Media company the Sunday Times recognised L2D in its list of Top 100 Companies. The awards acknowledge listed companies that have earned the highest returns for their shareholders over the past five years, she noted.
L2D continues to be a key player in the property industry, managing Africa's most iconic assets. In the broader context of L2D's offering, the assets within the L2D portfolio have played a larger stewardship role in the industry and the communities in which they operate, creating more jobs and contributing to socioeconomic development, while supporting tenant businesses in challenging times, the company said.
“The retail assets in the portfolio are Green Star-rated by the Green Building Council of South Africa, with Sandton City and the L2D office being six-star rated, showcasing environmental leadership,” it said in a statement.
“This is a milestone in the life of L2D, and we are excited for the future and the opportunity to continue to create experiential spaces to benefit generations as part of the broader Standard Bank Group,” Beattie added.