Liberty to separately list part of its property portfolio
Life insurance group Liberty plans to separately list a portion of its property portfolio including Johannesburg shopping centres Sandton City, Nelson Mandela Square, Eastgate and part of Melrose Arch. The new listing, called Liberty Two Degrees, will own about 22% of the insurance group’s R27.4bn property portfolio when it lists in early December, Liberty said in a statement on Tuesday morning. Liberty Two Degrees aims to raise R2.8bn via its initial public offering (IPO). It intends privately placing 200-million shares at R10 each with institutional investors. Parent group Liberty is committed to buying 82-million shares at R9.50 each. Liberty has a further 100-million Liberty Two Degree shares it will sell depending on demand. "Liberty Two Degrees is the result of a truly collaborative effort between Liberty and Stanlib," Liberty Two Degrees CEO Amelia Beattie said. "We have already identified investment opportunities and new developments in quality assets, focusing on SA in the ...
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