Equites sell three of­fice prop­er­ties for R232.8m

The Star Early Edition - - NEWS - Roy Cokayne

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.

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