Equites sells offices portfolio to focus only on logistics properties
Equites Property Fund sold off its office portfolio in a number of transactions and is now an industrial-sector-only company.
Equites first listed with a portfolio of 17 Cape Town-based properties, of which three were multi-let offices — D’Urban Square and Belvedere in Bellville and Execujet Office Tower, located in Airport Industria.
"Equites has consistently communicated its exclusive focus on the industrial sector and specifically on logistics properties. In line with this focus, it was always the intention to dispose of the offices once the industrial portfolio had reached sufficient scale," CEO Andrea Taverna-Turisan said on Monday.
"As discussed in the annual financial statements for the year ended February 28 2017, three separate sale agreements had been concluded to dispose of the offices. Shareholders are accordingly advised that as of June 1 2017, the transfer of the offices were registered for a combined sales consideration of R232.8m. This is in line with the book value of the offices immediately prior to the conclusion of the sale agreements," he said.
Equites now owns two small commercial properties in Gauteng, comprising approximately 1.32% of the total portfolio of the company by value.
The sale of the offices contributes to the company’s stated intention of providing investors with pure exposure to the buoyant logistics sector, both in SA and the UK.