There will be a feeling of déjà vu about November’s listing on the JSE of Spear Reit, a property investment vehicle focusing exclusively on the Western Cape. Spear is headedby Mike Flax, who brought a similarly Western Cape-focused Spearhead Properties to the JSE in 1999. Spearhead was eventually bought out by Redefine in 2006. Flax said Spear intended to raise R300m at listing, which would infer a market valuation of about R1bn at listing. "We have already issued R200m worth of shares in a private placement, so there will only be R100m made available to the public." Spear could grow its assets under ownership to R6bn-R7bn in the medium term. "There are a number of family-owned property companies in the Western Cape that we are already talking to around potential deals to reverse list assets into Spear." Spear could grow its assets under ownership to R6bn-R7bn in the medium term. "There are a number of family-owned property companies in the Western Cape that we are already talking t...
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