Fairvest finalises Tokai Junction sale
The due diligence for the disposal of JSE-listed real estate investment trust Fairvest Property's Tokai Junction property to FPG Holdings for R180-million, has been completed.
Tokai Junction is a 7 618 m2 retail centre in Constantia, in the Western Cape.
Fairvest CEO Darren Wilder says the disposal value represents good value for Fairvest – a 3.1% premium to book value at December 31, 2019, of R176-million – which, in a market where valuations are predicted to fall by as much as 20%, confirms that Fairvest’s property valuations are not over-valued.
The company will use the proceeds to pay down debt to maintain a robust balance sheet.
The transaction is, however, still subject to approval by the Competition Commission.
“To complete a transaction of this nature in the current environment demonstrates the attractiveness of Fairvest’s assets, as well as its ability to recycle capital when equity becomes expensive.”
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