Liberty Two Degrees (L2D) is a real estate investment trust (Reit) that is focused predominantly on the retail sector. The company listed on the JSE in December 2016 with a market cap of R9bn and was included in the FTSE/JSE SA property index in March 2017.Three shareholders for L2D account for 83.41% ownership. They are Liberty Group, Government Employees Pension Fund (GEPF) and Liberty Propco, which affects the free float and liquidity of the share. The company is led by former Stanlib direct property franchise head Amelia Beattie as CEO and newly appointed José Snyders as financial director. L2D is a property portfolio that was established under a collective investment scheme in terms of the Collective Investment Schemes Control Act (Cisca), to afford investors both income and capital growth through investments of income generating assets. The scheme is required by Cisca to be structured and established as a Trust Reit, with an external independent trustee and an external managem...

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