Accelerate Property Fund lists on the JSE
December 13, 2013
Johannesburg, 12 December. – Today Accelerate Property Fund (JSE:APF) listed on the JSE's main board becoming the sixth property company to list on the exchange this year.
Accelerate Property Fund has a portfolio of 51 established properties throughout South Africa valued at over R5.9 billion. These properties represent the portfolio that the Georgiou Property Group has built up over the past 46 years. This private company made the strategic decision last year to bring some of its underlying properties to market through listing and is now doing so as the public company Accelerate Property Fund.
With a strong retail bias, Accelerate's current portfolio includes the Fourways Mall in Johannesburg, the Loch Logan Shopping Centre in Bloemfontein and the Parow Centre in Cape Town. Non-retail assets include office space, industrial properties and auto dealerships.
"Being listed will allow us to build a stronger, more focused Accelerate business. We are aiming to consolidate our position and grow our asset base maintaining the strong bias toward the defensive retail sector," says Michael Georgiou, CEO of Accelerate Property Fund.
"We are very pleased to welcome this established property company onto the Main Board of the JSE and hope that this listing helps Accelerate Property Fund meet its objectives. For investors this listing offers exposure to what was one of the largest private property portfolios in South Africa," says Zeona Jacobs, Director of Issuer and Investor Relations at the JSE.
Accelerate joins the ranks of 30 other Real Estate Investment Trusts (REITs) already listed on the JSE with a total market capitalisation of more than R184 billion. It is the tenth retail REITS listing in the Real Estate sector of the JSE's Main Board. The JSE has 53 property listings across the Main Board and AltX with a total market capitalisation of just over R351 billion.
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