JSE-listed specialist logistics real estate investment trust (Reit) Equites has announced it will sell its 60% shareholding in the Equites Newlands Group (ENGL) development platform, which will impact on earnings in the 2024 financial year.
CEO Andrea Taverna-Turisan points out that, given current market conditions and the group’s capital structure, Equites has resolved to no longer undertake large-scale developments in the UK, and rather extract maximum value from the sale of the ENGL platform.
In ‘a period of incredible turmoil and uncertainty.all of that economic uncertainty has really supported the trend and demand for logistics assets’: CFO Laila Razack – Equites Property Fund.
On 08 October 2021, Equites Property Fund Limited (“Equites”) concluded a R2 billion debt, refinance and upsize package with the Standard Bank of South Africa Limited (“Standard Bank”)