Old Mutual is likely to list its R12-billion property fund later this year and its property portfolio will include some of the country’s most prestigious shopping centres such as Menlyn in Pretoria and Cavendish Square in Cape Town.
Gary Hardisty, fund manager of the Triangle Real Estate Core Fund, says that the size of the fund is still being discussed but it would have a minimum value of more than R12-billion.
He says the fund will have a portfolio of about 40 properties weighted to the large retail centres in South Africa’s metropolitan regions. It will include Gateway Theatre of Shopping in Durban, Riverside in Nelspruit and Vincent Park in East London as well as Cavendish and Menlyn.
The listing has been in the offing for a long time and was first announced by Old Mutual Property’s managing director Ben Kodisang last year.
Hardisty has confirmed the planned listing but was hesitant to add any details because of the international regulations that surround the disclosure of information prior to a listing.
The listing is expected to raise about R5-billion and Old Mutual will hold a stake of about 60% when it does list with a minimum of 35% being retained at all times.
It will be the third-largest property fund on the Johannesburg Securities Exchange behind Growthpoint Properties and Redefine.
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