Safari Investments
▲ Market cap: R1 385 million
▲ Gross lettable area: 124 925 m2
▲ Shares placed at: R7.63
Safari Investments listed on the JSE as a REIT on April 7 this year.
Safari hopes to increase the value of its portfolio to R3 billion in the next three to four
years. Current developments include the establishment of a retail node in Attridgeville, a
new phase for the Thabong Centre in Sebokeng and the development of the Swakopmund
Waterfront in Namibia.
On October 23 Safari advised shareholders that basic and diluted earnings per share for
the six months ended September 30 are expected to increase by 42% and 53% from the
corresponding period due to the inclusion of Heidelberg Shopping Centre from February.
Finance cost decreased by 85% following the settlement of debt after the listing.
Chairman Molupe
Tsolo
Atlantic Leaf Properties
▲ Market cap: R490 million
Atlantic Leaf, with its primary listing in Mauritius, is the brainchild of Paul LeafWright, the founder of Leaf Capital that manages a R4.5 billion Western Capebased property portfolio.
Shortly after listing, Atlantic Leaf announced its first acquisition: a 30% stake
in a portfolio of 30 UK retail warehouse properties, through the phased buyout of
Isle of Man-registered holding company Seahawk Investments.
Atlantic Leaf plans to grow the value of its portfolio to R1.76 billion in the next
two to three years. It will initially focus on acquiring smaller warehouses, industrial and distribution centres in outlying UK areas and stakes in offshore REITs,
with a view of later entering the German and French markets.
The company has concluded a further private placement of shares in order to
fund further acquisitions. They started trading on October 30.
Visual International Holdings
▲ Market cap: R77.5 million
▲ Shares placed at: R0.50
Western Cape-based Visual International Property Developers is a residential property development group that recently also entered the rental market.
After listing, Visual was hoping to place 22 million shares to black women-owned
group Phab Properties at a 10% discount, but announced on July 7 that funding could not
be obtained. There has been no other corporate action since listing.
The leadership team
Pivotal Property Fund
▲ Gross lettable area: 286 417m2
Pivotal Property Fund, with 22 retail and 12 office assets, plans to list before the
end of the year.
According to its annual report its asset value stands at R4.9 billion, with a further R146 million worth in development. The group has an average vacancy rate
of 2.1% and average net rental income of R109.1/m2.
Its flagship investment is Alice Lane, with office space in the heart of the Sandton CBD. Phase two and three of Alice Lane is currently being developed. ▲
NOVEMBER 2014 – PROPERTY MOGUL ISSUE 2 9