The newly-formed, retail-focused property fund has a portfolio of 51 properties across South Africa, which includes ownership of two prominent regional shopping centres.
“The funds we raise through the listing will provide us with the resources we need to continue to strengthen our balance sheet and make investments in new development opportunities, refurbish existing locations and uplift certain properties,” said Michael Georgiou, chief executive of Accelerate Property Fund.
“The timing of the listing places Accelerate in an ideal position to capitalise on the future development of the Fourways Node – one of the fastest growing and most densely populated areas in Johannesburg. These are all key components that will drive our future growth and allow us to enhance value and support longer term income and capital growth.”
Accelerate’s property portfolio has been valued at over 5.9 billion rand and comprises a total Gross Lettable Area (GLA) of 440,520m2. It consists of 67 per cent retail space, 22 per cent office space, seven per cent industrial and a four per cent specialised auto dealership component.
Tito Mboweni, non-executive chairman of Accelerate Property Fund said, “We are excited by the listing on the JSE and have been extremely encouraged by the interest and support shown by investors. Accelerate presents a unique opportunity for investors to gain exposure to the highly defensive retail sector”.
“With our experienced management team, high quality premier portfolio, strong corporate governance and value creation strategies to support future growth, we believe we are well positioned for this next stage in the life of Accelerate.”