Lighthouse Capital, one of the members of the Resilient stable of property companies which lost more than R100bn of their value last year will no longer invest in infrastructure assets. CEO Stephen Delport said on Thursday the company, formerly known as Greenbay Properties, would only buy or develop directly held commercial real estate. Based on the fair value of its assets, as at the end of December 2018, 81% of its portfolio was now exposed to directly held or fixed property, 14.9% to listed real estate, and 4.1% to listed infrastructure, according to results for the three months to December released on Thursday. This shows a strong shift towards direct property compared with the end of December 2017, when 49.1% of Greenbay’s assets were classified as listed infrastructure, 32.7% as listed real estate and 18.2% as direct property. Delport said he wanted Lightouse to be 100% exposed to direct property as soon as possible. “It’s difficult to put a time horizon on it but we want to b...

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