Exemplar to list on the JSE in June
Exemplar Retail has been granted approval to list in the retail real estate investment trust sector on the main board of the JSE, effective June 12.
The company said in a statement on Wednesday that it intends to grow its property portfolio through the acquisition of high-quality assets consistent with the metrics of its existing portfolio.
Exemplar has a portfolio of 20 income-generating properties and has secured a further three shopping centre development properties, scheduled to be completed between April and October 2019.
The three new shopping centre development properties, being Katale Square, Mabopane Plaza and Riba Cross Mall, are being completed by property development company McCormick Property Development (MPD).
Exemplar has undertaken to acquire the three development companies subject to MPD completing the development properties housed therein to an agreed specification, as well as subject to a two-year rental guarantee.
The purchase price for each of the three developments will be settled by way of a combination of cash and Exemplar shares on completion of each development, being April 1, September 1 and October 1, 2019, respectively.
Based on the forecast statement of comprehensive income, Exemplar is confident that it will deliver a distribution per share of 61.37c a share for the nine months ending February 28, 2019 and 91.27c a share for the year ending February 29, 2020.
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