Accelerate Property Fund lists on JSE
Accelerate Property Fund nonexecutive chairperson Tito Mboweni
Photo by Duane Daws
Newly formed retail-focused property fund Accelerate Property Fund on Thursday listed on the main board of the JSE under the Real Estate Holdings and Development sector.
On listing, the fund had an initial portfolio independently valued at more than R5.9-billion, comprising a total gross lettable area of 440 520 m², consisting of 67% retail space, 22% office space, 7% industrial and a 4% specialised auto dealership component.
“As a publicly listed company, we are better positioned to execute our value creation and growth strategies. We look forward to using this platform to invest in well-priced, income-producing properties to optimise capital and income returns for shareholders,” Accelerate nonexecutive chairperson Tito Mboweni said.
Accelerate noted that it offered strong growth prospects and would have access to a natural pipeline of properties from its Georgiou stable.
“This includes an option to acquire a 50% undivided share in the Loch Logan Waterfront letting enterprise – the largest shopping centre in central South Africa – and access to the proposed 90 000 m² redevelopment of the Fourways Mall,” Accelerate said.
The fund listed at a generous forward yield of 9.7%, which was an attractive premium to the sector's weighted average of 7.8%.
“Listing on the JSE marks a major milestone for the company. Accelerate has strong fundamentals and an exciting future ahead. Being listed will allow us to build a stronger, more focused Accelerate business. We are aiming to consolidate our position and grow our asset base, maintaining the strong bias toward the defensive retail sector,” Accelerate CEO Michael Georgiou commented.
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