Liberty Two Degrees (L2D) joined the JSE main board on Tuesday to much fanfare, having raised about R4bn, but there are concerns that Melrose Arch and some smaller assets may weaken the fund’s performance. L2D is the first real estate investment trust listed by the Liberty Group. Its assets comprise portions of the Liberty Group’s R30bn property portfolio, including those of its largest, most iconic properties. Sandton City, Eastgate, Nelson Mandela Square and Melrose Arch have been included as well as Promenade Mall, the Standard Bank Centre, the Botshabelo Mall in Bloemfontein, Umhlanga Office Park and Century City Office Park. There has been some criticism about these inclusions, as some fund managers feel the addition of Melrose Arch, which has had an underperforming retail component, as well as some other smaller assets, may weaken L2D.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.