Fund’s R12.6m rev­enue is on track

The Star Early Edition - - COMPANIES -

FREE­DOM Prop­erty, which listed on the JSE’s main board in June, is on track to achieve its prelist­ing forecasts. The fund this week re­ported rev­enue of R12.6 mil­lion for the six months to Au­gust, which is 64 per­cent of its fore­cast rev­enue of R19.8m from its ex­ist­ing prop­erty in the year to Fe­bru­ary. Rev­enue from the sale of de­vel­op­ment prop­er­ties of R27m in the re­port­ing pe­riod sig­nif­i­cantly ex­ceeds the fore­cast R8.5m for the full year. Free­dom’s per­for­mance is mea­sured by growth in net as­set value (NAV) a share. It closed the pe­riod with a NAV a share of 123c be­fore tak­ing into ac­count any reval­u­a­tion of its as­sets and en­hance­ment of in­come. Ty­rone Goven­der, the chief ex­ec­u­tive of Free­dom Prop­erty, said Free­dom was well on track to com­fort­ably meet their per­for­mance forecasts and they were con­fi­dent their broad short- to medium-term strate­gies were well un­der way to be­ing suc­cess­fully im­ple­mented to un­lock value from the fund’s port­fo­lio and pipe­line. By Au­gust, Free­dom had also com­menced or com­mit­ted to all projects in its list­ing prospec­tus. – Roy Cokayne

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