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Real Economy News in Real Time
R/€ = 16.34 Change: 0.02
R/$ = 13.83 Change: 0.05
Au 1290.76 $/oz Change: -0.20
Pt 937.50 $/oz Change: -1.50
 
 
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Heriot to list on AltX

17th July 2017 BY: Anine Kilian
Contributing Editor Online

The JSE has granted real estate investment trust (Reit) Heriot a listing of all its issued ordinary shares in the diversified Reit’s sector on the AltX, effective July 24.

Heriot is a newly incorporated company and has been established for the purposes of creating a listed property fund that will acquire and develop properties either directly or through subsidiaries and joint ventures.

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Heriot may also invest in listed property shares.

The Reit holds 20 industrial properties valued at R1.58-billion, as well as 12 retail centres with a gross lettable area of 119 981 m2 in central business districts, townships and rural areas that focus on the mass market.

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The centres, valued at R2.09-billion, are anchored by a high percentage of national tenants with long-term leases and high trading densities that ensures the sustainability of Heriot’s cash flows.

The group’s investment strategy is to buy yield-enhancing assets that can offer consistent long-term rental income growth.

The company’s primary objective is to identify value-enhancing opportunities within the commercial, industrial and retail sectors in South Africa to create a stable and diverse portfolio of assets capable of generating secure and escalating free cash flows.

Heriot is confident that it will deliver a distribution of 72c a share for the financial year ending May 31, 2018. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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