Liberty Two Degrees battens down the hatches
The part-owner of Sandton City and Eastgate is not rushing into a weak property market for new deals
Liberty Two Degrees (L2D), which owns a quarter of Sandton City, 8% of Melrose Arch and a third of Eastgate, has arguably the strongest balance sheet in the listed property sector with a low amount of debt compared with its assets, but the company is shy to make acquisitions while its peers struggle harder through the pandemic.
CEO Amelia Beattie said in an interview after the company released its three-month operational update that the company is focused on managing its existing assets for the rest of 2020, as the economy reopens amid the Covid-19 pandemic. This is while listed property funds have put premium assets up for sale as they look to raise cash to operate in an economy battling a recession...