Accelerate Property Fund, the real estate investment trust (Reit), which owns half of Fourways Mall, the largest shopping centre in Africa, did not declare a dividend for the first time in its history in the year to end-March 2021, as the fallout from the pandemic and rental relief for tenants wiped out the company’s returns.

The Reit, which was founded in 2005 and listed on December 12 2013, wrote down the value of its assets by R1bn at the end of March 2020 and then by a further R660m in the year to end-March...

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