First results for new Liberty trust
Liberty Two Degrees issues a maiden dividend after its successful listing as a real estate investment trust
Liberty Two Degrees (L2D) has declared a distribution of 4.85c per share for its first month of trading, with its management saying the group was well positioned for the year ahead. L2D is the Liberty Group’s listed property vehicle. It has a market capitalisation of R9.37bn and its assets include portions of the Sandton City complex, Eastgate complex, Melrose Arch, Liberty Midlands Mall and Nelson Mandela Square. "Following the successful listing of L2D as a real estate investment trust on the JSE on December 6 2016, we believe we are well positioned to execute on our strategy that we set out for 2017," said CEO Amelia Beattie. "Management believes in the strategic approach of investing in high-quality assets that remain resilient during tough economic cycles and look forward to deploying capital raised during the listing to acquisitions identified and the developments on the ground." L2D’s net asset value per share at the end of December was R9.64. It listed at R10 and was trading...