UK PORTFOLIO
Equites expands UK portfolio with Coventry acquisition
Equites Property Fund, the high-end industrial property owner, has strengthened its UK portfolio with a deal worth nearly R700m. The group has bought a 19,909m² cross docking distribution centre in Coventry, England, for £41m. This means Equites now owns four distribution centres in the UK worth about £104m. The Coventry transaction was subject to the seller entering into a 15-year lease with a Swiss based global transport and logistics company. The seller concluded this lease last Friday. Equites recently announced financial results in which it said it had achieved a 12.02% increase in half-year dividends to August, making it one of the few double-digit income providers in 2017. Since listing in 2014, it has increased its portfolio of industrial and mainly logistics assets in SA and the UK from R1bn to R6.8bn. It was one of the best-performing real estate investment trusts (Reits) listed on the JSE, when measured by its annualised return of 28% over the past three years. CEO Andrea...
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