Equites sell three office properties for R232.8m

LISTED specialist industrial property developer and landlord Equites Property Fund has moved closer to achieving its stated intention of providing investors with pure exposure to the buoyant logistics sector in South Africa and the UK by disposing of three Cape Town office properties for a total of R232.8 million.

The disposal of D’Urban Square and Belvedere, both in Bellville, and ExecuJet Office Tower in Airport Industria means Equites now owns a portfolio comprising almost exclusively industrial property.

Equites said yesterday these disposals were concluded in line with the book value of the offices.

The company said it would now retain only two small commercial properties in Gauteng that comprised about 1.32 percent of the total portfolio of the company by value.

Its portfolio is valued at about R6.3 billion.

Equites said it had consistently communicated its exclusive focus on the industrial sector and specifically on logistics properties and, in line with this focus, it was always the intention to dispose of the offices once the industrial portfolio had reached sufficient scale.