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Liberty to start Reit that will trade stock on JSE

Aug 23 2016 09:28
Colin McClelland

Johannesburg - Liberty Holdings will place a portion of its property portfolio in a real estate investment trust that will list its shares on the Johannesburg Stock Exchange this year.

The REIT, which will be overseen by the company’s money management unit, Stanlib, will probably have a net asset value of R10bn, Liberty said in a statement on Tuesday.

The listing is not expected to impact Liberty’s share price because the properties are held to benefit policyholders, it said.

“The JSE listing will augment the value proposition to Liberty’s existing policyholders and enable greater opportunities for enhancing the returns profile of this portfolio of premier properties,” the company said.

“The listing will also support expansion of and enhancements to the existing property assets, and broaden their accessibility to a wider investment community.”

Customers of Liberty’s investment and retirement annuity products will have preferential access to the stock, it said. Liberty appointed Standard Bank and Java Capital as joint bookrunners and transaction advisers to the listing.

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