Property management company Freedom Property Fund has, subject to conditions precedent, disposed of its developed Stellenbosch industrial property in the Western Cape to an undisclosed buyer for R49-million.

This formed part of the company’s strategy to further grow and roll out its sizeable portfolio of high-demand residential developments.

“We will use the residual capital from the proceeds of the sale to further Freedom’s stated short- to medium-term strategy of focusing on developing our residential assets,” CEO Tyrone Govender explained.

This included the Tweefontein residential Eestate, in Steelpoort, Limpopo, where the demand for residential accommodation was currently placed at between 15 000 and 20 000 units.

The company was also developing Tubatse Homes, in Burgersfort, while it would bring the first 22 of 90 sectional title units at La Bonne Vie, in Montana, Pretoria, to market in early 2016.

At Gevonden, in Stellenbosch, Freedom was preparing to develop 43 residential units for the mid-market.

In addition, as part of its prelisting acquisition agreement for Kadoma Investments Proprietary, Freedom has entered into agreements for a specific share issue with the Christo La Grange Gesins Trust and the Lafras Joubert Gesins Trust to issue 323-million new Freedom ordinary shares. This would be used as full and final settlement of its guarantee share obligations.

With growth and capital resources a priority for the fund, Govender explained that settling this consideration through a share issue would leave it free to continue to develop its extensive property portfolio using its existing cash flows and financial resources.

Aligning it with best practice and supporting its sustainable growth, Freedom also announced the launch of the Freedom long-term incentive plan that would incentivise its team to meet strategic long-term objectives, and would help deliver value to shareholders.

It was also designed to achieve alignment between Freedom’s remuneration policy and the interests of its shareholders.