Property development group Freedom Property Fund (FPF) on Wednesday listed on the Real Estate Holdings and Development sector of the JSE‘s main board.

It is the third property company to list on the local bourse this year, following the listings of Visual International and Atlantic Leaf Properties.

“FPF will deliver long-term sustainable capital growth through unlocking the opportunities in its immediate and long-term development pipeline. The company has a long-term view to investing in South Africa and eventually into the rest of Africa, and we see incredible potential for growth with proven demand for the product we are launching,” FPF CEO Tyrone Govender said at the event.

FPF has a diverse portfolio of Industrial, residential and commercial property assets valued at R1.56-billion.

Govender explained that the listing would allow FPF to unlock the value of these assets by providing the platform to secure competitive development funding, which has become increasingly difficult to access in recent economic times.

It would also provide shareholders access to a market on which to trade their FPF shares.

He pointed out that the company was a capital growth fund and its income would, therefore, be reinvested in its portfolio.

Govender noted that the market had responded positively to the company’s listing.

“While our listing provides shareholders with the prospect of participating in a diverse portfolio of property assets, our strong weighting in the high-demand residential property development has attracted lots of attention,” he added.

He commented that residential property development held for lease would become an increasingly hotly contested sector, which was gaining critical mass. The company said it was the first to take this concept to the JSE main board as a property capital growth fund.

“Because we are at the forefront of this growing opportunity, undoubtedly, the market will be watching FPF’s progress with interest. We are confident they will be encouraged by our performance,” Govender noted.