Equites Property disposes of its Cape Town Office Portfolio
Equites Property Fund Limited listed with a portfolio of 17 Cape Town based properties, of which 3 were multi-let offices known as D’Urban Square and Belvedere (both in Bellville) and Execujet Office Tower (in Airport Industria) (collectively “the Offices”).
Equites has consistently communicated its exclusive focus on the industrial sector and specifically on logistics properties. In line with this focus, it was always the intention to dispose of the Offices once the industrial portfolio had reached sufficient scale.
As discussed in the annual financial statements for the year ended 28 February 2017 three separate sale agreements had been concluded to dispose of the Offices. Shareholders are accordingly advised that as of 1 June 2017, the transfer of the Offices were registered for a combined sales consideration of R232.8 million. This is in line with the book value of the Offices immediately prior to the conclusion of the sale agreements.
Following these disposals, Equites retains two small commercial properties in Gauteng, comprising approximately 1.32% of the total portfolio of the Company by value. The sale of the Offices contributes to the Company’s stated intention of providing investors with pure exposure to the buoyant logistics sector, both in South Africa and the United Kingdom.