Resilient Reit, a specialist retail-focused real estate investment trust (Reit), has been listed on the JSE since 2002. The company continues to be invested roughly equally between direct and listed securities, with a combined gross asset value as at December 2016 of R46bn (including property under development). Resilient has direct assets in SA and Nigeria, with exposure to listed investments in Continental Europe.More recently, management has embarked on strategic changes in its direct property investments, most notably looking to reduce the company’s exposure to Nigeria while simultaneously increasing direct property exposure in other international jurisdictions. To this end, in March 2017 Resilient announced a 50/50 joint venture with Greenbay Properties, listed on the JSE since June 2016, to acquire two retail assets in Portugal for a combined €219m. As at December 2016, Resilient owned 27% of Greenbay.Similarly, the counter’s listed security portfolio with exposure to Central ...
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