WHO’S WHO IN
THE PROPERTY
ZOO
By Antoinette Slabbert
Looking at the last five listings
T
he JSE has seen numerous listings in the property sector over the last
18 months.
Here is a look at the most recent five companies to come to market
and a sneak preview of one expected to list before the end of 2014.
Equites Property Fund
▲ Market cap: R1 371 million
▲ Gross lettable area: 124 253m2
▲ Shares placed at: R10.00
CEO Andrea
Taverna-Turisan
Equites’ share price gains since listing may be ascribed to its first set of interim results on
October 10, when it announced its first distribution of 20.4c, exceeding the forecasted
19.9c.
Equites focusses on industrial property at the top end of the market with selective exposure to office space. Equites is structured as a real estate investment trust (REIT) and is
internally managed.
Major tenants include Simba, Foschini, Execujet, Digistics, Imperial, Puma, UTI (Adidas), Avery Dennison, Courier-IT, Kuehne & Nagel AG, NGK Ceramics, Dole USA and
Barloworld.
Freedom Property Fund
▲ Market cap: R359 million
▲ Gross lettable area:
▲ Shares placed at: R1.00
CEO Tyrone
Govender
8 PROPERTY MOGUL ISSUE 2 – NOVEMBER 2014
Freedom Property Fund listed on June 12 with a diverse property portfolio strongly weighted towards residential in the low and mid-band of the market.
Freedom is not a REIT, but a capital growth fund that will reinvest income,
rather than pay it out to shareholders (as is required in terms of the REIT regulations).
On July 18, the board proceeded with the assessment and adoption of a BEE
participation scheme. It also disclosed a mistake in the pre-listing statement that
understated the number of shares in relation of a top-up payment for two vendors.
Three zeros were ommitted in each case from the respective 67 million and 33
million shares at stake.