Township property developer to list on JSE

1 Apr 2014

Township-focused property developer Safari Investments will list on the JSE main board on 7 April.

Its listing would be implemented together with a capital raising of R315m-R400m‚ through the private placement of new ordinary shares with selected eligible investors‚ the firm said on Monday, 31 March 2014. The net proceeds of the listing offer would be used to settle all debt and free up existing facilities of about R600m that would support Safari's project pipeline.

Safari owns a number of shopping centres in traditional townships‚ and was founded about 14 years ago. It has properties in Mamelodi‚ Sebokeng and Atteridgeville and brings R1.3bn in assets to market.

Investec Asset Management property analyst Peter Clark said Safari's main challenge was that it was a relatively small entrant to the listed property sector. "Safari has a good quality portfolio of retail assets focused on non-metropolitan areas‚ however it is small‚ with only four assets.

"The challenge is going to be size and the valuation in ... order for (Safari's) investment case to be compelling relative to the investment universe‚" he said.

Source: I-Net Bridge

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