ACC-Ross Holdings, the golf estate, residential and leisure property development group, said yesterday it would list on the JSE's AltX on Monday.

CEO Jaco Verster said the company's property portfolio would be the same as the one announced last year.

The company would have a market capitalisation of just more than R1 billion at listing.

But Verster said there may be new property transactions announced in the two weeks after listing.

Acc-Ross, which will be the biggest listing so far on AltX, said it may consider listing on the JSE's main board at a later stage.

"We have had huge support from AltX in our listing plans," he said.

"We will revaluate our position over the next six to 12 months and, depending on further growth prospects and potential acquisitions, there may be a need for us to consider moving to the main board."

The company had completed a successful road show for institutional investors at the end of last year, Verster said. "We completed our road show to all institutional investors in December. Acc-Ross was received very favourably by most."

When Acc-Ross announced in November it was listing on AltX, some analysts were sceptical, saying such funds carried more risk than traditional property listings because they were exposed to development risk.

But Verster said at the time that Acc-Ross took the risk out of its developments by ensuring that it had the appropriate development rights in place before it took any development to market.

Other listed property funds that have delved into residential property development in recent years have also reported significantly boosted distributions to unitholders.

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge