UK real estate trust to list in SA on October 7

UK REAL estate company Capital & Regional expects to list on the JSE on October 7. The company is a UK focused specialist property real estate investment trust (Reit) with a £1 billion (R21.06bn) portfolio of community retail and leisure centres.

This follows Capital & Regional being granted approval by the JSE for a secondary listing of about 700.75 million of the company’s shares in the retail Reits sector on the main board of the JSE.

The financial surveillance department of the SA Reserve Bank has also approved the secondary listing, which will be a foreign inward listing. shopping centres in town centres across the UK.

“The listing should improve both the depth and spread of the shareholder base and the liquidity and tradability of the company’s shares, while at the same time enhancing potential funding options,” he said.

The company was initially floated on the unlisted securities market of the London Stock Exchange in 1986 before moving to the official list on May 22, 1995, and is now a leading owner of dominant town centre community shopping centres in the UK. statement said Capital & Regional offered exposure to a high quality portfolio of strong assets that were typically dominant in their immediate catchment and an attractive dividend yield.

In addition, through its specialist in-house property and asset management team, the company was seeking to generate significant income and net asset value growth from asset management initiatives, it said.

These initiatives include a continuing £65m capital expenditure programme across the Mall assets, which was anticipated to deliver income returns of at least 10 percent and drive income and capital growth for investors. The company said it had made significant progress in the delivery of its strategic objectives and the acquisition last year of the Mall Fund, a dominant community shopping centre fund in the UK, had been transformational for the group and delivered excellent returns to shareholders.

The group’s stated aim is to become the UK’s leading community shopping centre Reit. Earlier this year it disposed of its German joint venture for £42.1m to enable it to fully focus on its investments in UK shopping centres.

It anticipates that income growth and asset repositioning would probably be the primary drivers of further net asset value growth.