Ambit Properties to list today

Posted On Wednesday, 04 February 2004 02:00 Published by eProp Commercial Property News
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PROPERTY loan stock company Ambit Properties, a joint initiative of Absa Commercial Property Finance and Marriott Holdings, will list today on the JSE Securities Exchange SA.


Mariette WarnerThe company is listing at R2 a unit and is hoping that there are some trades above that figure. However, analysts believe that the recent downward trend in the listed property market may make this difficult to achieve.

Mariette Warner, head of fund management at Standard Bank Properties and manager of the Standard Bank Property Income Fund said there were other existing property listings on comparable yields that have a higher market capitalisation, proven liquidity and a good track record making it "unlikely that Ambit would trade higher than the existing price in any meaningful volume".

Catalyst Securities investment analyst Anton de Goede said that due to a "negative" listed property market in January, yields had increased and prices had come down. He said Ambit's relative yield of 12,75% was not as favourable as when "they first started with the listing".

De Goede said a lot of listed property counters would be releasing interim and annual financial results this month and next month and that would be a bigger driver of individual share prices.

CEO Nick Harris said yesterday that the privately placed 84,9-million units had all been fully subscribed.

The units were placed last month with the company wanting to raise R169m.

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