Pivotal eyes JSE listing, delivers 45% NAV a share growth
Unlisted Pivotal Property Fund on Monday indicated its ambition of listing on the JSE, as the property investment development fund delivered a 45% rise in net asset value (NAV) a share to R14.69 for the year ended February 28.
Pivotal MD Jackie van Niekerk said the group had started engaging with its advisers about a possible listing on the local bourse’s main board as a development fund, as the company emerged from five years of compounded NAV growth of 24% a year.
“The benefits of listing in the present market with our strong development pipeline … appear appealing at this early stage. This could result in accelerating Pivotal’s listing, which will assist in unlocking [a] large-scale future development pipeline,” Van Niekerk noted.
The company, which boasted a R4.9-billion portfolio comprising 33 low-risk A-grade properties, attributed its positive performance to the completion of two major developments – the group’s flagship investment in Alice Lane Phase 1, in Sandton, and Bowman Gilfillan’s offices in Bree street, Cape Town.
During the financial year under review, the fund had also acquired a 40% stake in the 76 000 m2 super-regional Cradlestone Mall, in Ruimsig, and a 17% stake in the 30 006 m2 Goldfields Mall, in Welkom.
Further, the immediate board-approved pipeline included an approved 40% investment in the Kyalami on Main Mall; the Phase 2 expansion of Wonderboom Junction, which would extend the mall from 38 000 m2 to about 65 000 m2; and the construction of Alice Lane phases 2 and 3.
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