Firms list as prop­erty sec­tor soars

The Star Early Edition - - COMPANIES -

THE JSE will get list­ings from three prop­erty com­pa­nies as shares in the in­dus­try out­per­form the main eq­ui­ties in­dex this year. Piv­otal Fund, Deneb In­vest­ments and Ac­sion will be­gin trad­ing on the stock ex­change over the next two weeks, ac­cord­ing to company state­ments and of­fi­cials. The listed prop­erty in­dex gained 15 per­cent this year. The all share gauge is up 9.1 per­cent. “We’re likely to see a con­tin­u­a­tion of list­ings,” Evan Robins at Old Mu­tual In­vest­ment Group South Africa said yes­ter­day. “Prop­erty is a very widely held as­set, so if you’ve got a big port­fo­lio, and you list it, the value on the JSE will be greater than the value they could sell it for.” The com­pa­nies join the JSE as 19 of the 23 prop­erty in­dex list­ings gain this year. Real es­tate, fi­nance and business ser­vices ex­panded 2.4 per­cent in the third quar­ter on a sea­son­ally ad­justed ba­sis from a re­vised 1.5 per­cent in the prior three months, Statis­tics SA said in its re­port re­leased yes­ter­day. Deneb would be un­bun­dled from Seardel In­vest­ment as it aimed to raise R1.6 bil­lion in a share place­ment, chief fi­nan­cial of­fi­cer Gys Wege said. Ac­sion planned a pri­vate place­ment worth as much as R200 mil­lion, it said. Piv­otal planned to raise R1bn in its pri­vate place­ment, it said. – Bloomberg

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