Liberty Holdings to list Property Portfolio as a REIT on the JSE in 2016

Posted On Tuesday, 23 August 2016 09:34 Published by
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Liberty announces its intention to list a portion of the Liberty group's iconic property portfolio on the main board of the JSE Limited (“JSE”) as a Real Estate Investment Trust (REIT) towards the end of 2016.

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The listed REIT will have an anticipated net asset value of R10 billion and will be managed by STANLIB.    

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

Retail customers will have preferential access to the listed REIT on a limited basis through Liberty’s investment or retirement annuity products. These products will be taken to market via comprehensive customer and financial adviser campaigns that are commencing immediately and continuing over the next couple of months. Policyholders who are already invested in the existing unlisted Liberty Property Portfolio should seek advice from their financial advisers to better understand the implications of the proposed listing on their policy.  

The REIT's assets will effectively comprise a portion of Liberty group’s property assets, which are primarily held for the benefit of Liberty’s policyholders, and the listing is therefore not expected to have a material impact on Liberty’s share price. Further announcements relating to the listing and potential capital raising programmes will be communicated as and when appropriate. The listing is subject to all necessary regulatory approvals.  

Liberty has appointed The Standard Bank of South Africa Limited and Java Capital as joint bookrunners and transaction advisers to the listing.

Last modified on Wednesday, 24 August 2016 22:21

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