As the saying goes, "the only constant thing in life is change". This is a tag Arrowhead (AWA) has carried with it since listing in 2011. Arrowhead made its debut on the JSE subsequent to packaging a portfolio of high yielding legacy assets previously held by Redefine Properties.At the time, Redefine had identified these assets as noncore and earmarked them for sale. Six years later, Arrowhead has transformed into a hybrid fund with direct property assets valued at R5.6bn. The latter is spread across retail, offices and industrial properties. In addition, AWA has interests in four listed property funds; two of which (Gemgrow Properties and Indluplace Properties) AWA was instrumental in establishing; as well as Dipula Income Fund and Rebosis Property Fund.Though Arrowhead’s initiated take-over of Dipula in 2014 hasn’t been successful yet, Dipula has been a good investment for Arrowhead. The stake in Dipula initially cost Arrowhead R359m and was valued at R568m at March 2017. Arrowhea...
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