Johannesburg, 09 December 2021 – Shares in Afine Investments Limited (Afine) began trading today on the Johannesburg Stock Exchange’s (JSE) Alternative Exchange’s (AltX), Real Estate Investment Trusts (REITs) sector.
Afine has floated 64 million shares through this primary listing on the AltX and will trade under the JSE code, ANI.
Afine owns seven, petrol filling station properties located in four of South Africa’s nine provinces, providing investors with geographic diversification. REITs offer investors exposure to real estate properties through JSE-listed or AltX-listed instruments.
In 2003, the JSE launched the AltX, which served as a growth enabler to raise capital for small and medium-sized enterprises (SMEs), as well as posed the potential for progression to the Johannesburg-based bourse’s Main Board. Companies such as Nepi Rockcastle, Sirius Real Estate and Curro migrated from AltX to the JSE’s Main Board and immediately became mid-cap companies due to the phenomenal growth they were able to achieve through their initial AltX listings.
Since the inception of AltX 140 companies have listed with a total of R74 billion was raised; 40 of those migrated onto the JSE Main Board.
Mike Watters, Afine’s Chairman, said the founders and Directors of Afine, are delighted to be listing the first South African REIT specialising in petrol filling stations (“PFS”). “With the traditional real estate sectors such as offices and retail suffering from significant consumer behavioural changes, we believe the market will be very receptive to the low risk, inflation protected, long term cash flows that Afine will offer.”
“Moreover, by combining the skills of the initial investors; highly regarded REIT executives sharing over three decades of listed company experience; with the industry skills of the Petroland Group, one of SA’s most successful PFS developers; suggests that the growth potential for Afine to successfully expand its initial portfolio is significant” added Watters.
Valdene Reddy, JSE’s Director of Capital Markets, said the AltX’s REITs segment enables investors exposure to the listed property market.
“REITs enable investors to earn income from commercial properties with long lease periods that have relatively stable income streams and leases,” concluded Reddy.
Following the listing of Afine, AltX’s REITs segment has five listed companies with over R4.9 billion market capitalisation.
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