Nick Wilson

Property Correspondent

ACC-ROSS Holdings, which is listed on the JSE’s AltX as a property development company, yesterday announced the acquisition and sale of properties in a deal worth R115m.

The deal is part of Acc-Ross’s restructuring strategy. New management said in July it aimed to revive the company’s fortunes by moving its listing to the bourse’s hotel and leisure sector.

Management believes the company’s share price, which has lost significant value since listing in February, will perform better in this sector as investors are wary of investing in companies that fall under what is seen as the higher-risk development sector.

The company said at the time it was viewed incorrectly as purely a property development company, while it saw itself as a hotel and leisure sector company.

New CEO Wilf Robinson, who was appointed on June 22 as part of the company’s turnaround strategy, said yesterday some of the properties sold were “historical” deals concluded at the time of the listing.

Acc-Ross said it had sold its 90% interest in a piece of land, Icon@Sandhurst, and a 100% interest in a piece of land called Icon@Hyde Park.

The company also sold its 9% interest in Nondela, a Drakensberg golf estate.

Robinson said Acc-Ross had reacquired the Royal Palms development in Plettenberg Bay, which it sold in March. It aims to develop a boutique hotel and subdivide the remaining land. It had also reacquired its 35% interest in Lizard Point leisure resort.

Acc-Ross’s share price was unchanged at 21c on the JSE yesterday.