Fairvest relists on the A2X after Arrowhead merger
The property brings the number of property groups on the exchange to five, and the total number of counters to 66
Fairvest Property, which recently merged with Arrowhead to become the largest SA-focused real estate investment trust (Reit), is set to relist on the A2X later in May, bringing the total number of counters in that asset class to five.
The mid-sized property group has assets of about R11.78bn, and its listing on May 11 will bring the total number of counters on the A2X to 66, with a combined market value of about R4-trillion.
The group joins Equites, GrowthPoint, Nepi Rockcastle and SA Corporate Real Estate on the exchange, which launched in 2017, providing a secondary listing platform for companies.
Fairvest will retain its listing on the JSE and its issued share capital will be unaffected by its listing on A2X. Both A ordinary shares and B ordinary shares will be available for trade on A2X.
“Fairvest Property Holdings first listed on A2X in October 2019 to complement our primary listing and give our investors the option to trade across markets,” CEO Darren Wilder said in a statement.
“It was a natural progression to relist on A2X after the merger as we continue to look at all ways to save costs and put our shareholders first.”
Fairvest and Arrowhead merged in January to create a mid-sized group focused on the low-end shopping centre market, with its total portfolio consisting of 145 properties with more than 1-million square metres of lettable space.
“We are pleased to be welcoming Fairvest to A2X next week and look forward to helping them unlock even more value for their shareholders through our lower fees, increased liquidity and narrower spreads,” A2X CEO Kevin Brady said in the statement.