The latest real estate investment trust (REIT) to list will be Spear. It announced on Monday it hopes to start trading on the AltX on November 11. Spear, a Western Cape focused diversified property investment fund based in Cape Town, was established by CEO Mike Flax, MD Quintin Rossi and Abu Varachhia in 2011. Spear’s property portfolio is made up of 25 properties situated throughout the Western Cape and one in Gauteng. The total value of the portfolio is about R1.39bn. Some of the fund’s property is situated in the Cape Town CBD, Newlands, West Beach, Woodstock, Milnerton and Tygervalley. In a statement Spear said it would focus on investing in properties in the Western Cape due to "favourable economic and property fundamentals" in the area.
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