Property investment and development capital growth fund‚ The Pivotal Fund (PIV)‚ listed on the JSE’s main board on Monday. Its assets include some of Sandton’s highest quality offices.
Before listing‚ the fund raised R1bn through an oversubscribed private placement‚ enabling it to list with a market capitalisation of about R5bn and a sizeable R9bn portfolio of property assets and developments.
“We are delighted to take Pivotal into a bright future with its listing on the JSE main board‚” CEO Jackie van Niekerk said. “Listing Pivotal provides an opportunity for investors to share in the sustainable benefits of capital growth from an A-grade portfolio with superior returns over the long term‚ delivered by a leading fund with a successful track record.”
Pivotal was established in 2005 as the property holding entity for leading South African property developer and manager Abland‚ delivering a compounded annual growth rate in net asset value per share of 24% since 2009‚ when Pivotal became publicly traded in the over-the-counter market.
Pivotal is one of several property counters to list in SA this year. On Friday Sirius Real Estate listed on the JSE’s AltX. Acsion will list on the same exchange on Tuesday.
Pivotal’s property portfolio comprises mostly A-grade offices and retail assets. This is divided into completed income-producing properties and developments‚ which include current developments and future developments.
Pivotal’s R9bn worth of property assets include an income-producing portfolio valued at around R7.8bn and a strategic development portfolio valued at R1.2bn. These developments are ultimately expected to be valued at about R6bn when developed.
Pivotal also invests in industrial property assets. Its diversified income-producing asset base numbers 33 properties. The portfolio is 98.5% let and is 80% occupied by A-grade tenants.