Accelerate Property Fund to list on JSE

Posted On Thursday, 28 November 2013 09:24 Published by
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Accelerate Property Fund, a newly formed retail focused property Fund, is pleased to announce its intention to list on the Johannesburg Stock Exchange.

Tito MboweniThe Fund, which is expected to list on 12 December 2013, will be listed under the Real Estate Holdings and Development sector.

The Offer comprises a Private Placing by Accelerate by way of an offer for subscription of up to 480 000 000 shares in the share capital of Accelerate, subject to a minimum subscription amount of R2 047 956 000 being achieved, of which R1 810 008 000 has already been secured pursuant to irrevocable subscription commitments, and a further R300 000 000 has been underwritten.

Tito Mboweni, Non-Executive Chairman, Accelerate Property Fund said: "We are excited by the listing on the JSE and have been extremely encouraged by the interest and support shown by investors. Accelerate presents a unique opportunity for investors to gain exposure to the highly defensive retail sector. With our experienced management team, high quality premier portfolio, strong corporate governance and value creation strategies to support future growth, we believe we are well positioned for this next stage in the life of Accelerate."

Accelerate is a property company (which will be classified as a REIT upon Listing), formed for the purpose of investing in direct real estate, for purposes of income generation and capital growth. It has a portfolio of 51 well-established, high-quality properties across South Africa, including ownership of two prominent regional shopping centres. Exciting growth prospects include the right to own 50% in a super-regional centre upon completion.

Accelerate's superior property portfolio has been valued independently at over R5.9 billion and comprises a total Gross Lettable Area (GLA) of 440 520m2 consisting of 67% retail space, 22% office space, 7% industrial, and a 4% specialised auto dealership component.

It is the intention of Accelerate to maintain a strong retail bias and the Fund offers investors direct exposure to high quality retail centres and other prime properties in South Africa.

Michael Georgiou, CEO Accelerate Property Fund said: "The funds we raise through the listing will provide us with the resources we need to continue to strengthen our balance sheet and make investments in new development opportunities, refurbish existing locations and uplift certain properties. The timing of the listing places Accelerate in an ideal position to capitalise on the future development of the Fourways Node - one of the fastest growing and most densely populated areas in Johannesburg. These are all key components that will drive our future growth and allow us to enhance value and support longer term income and capital growth."

The Fund is run by a team of well-respected property professionals. They have intricate knowledge of the Property Portfolio and an excellent reputation in the industry for their ability to achieve the most out of property assets in order to maximise value.

Further information is available in Accelerate Property Fund's pre-listing statement.

Last modified on Saturday, 30 November 2013 13:19

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