Accelerate Property Fund, the co-owner of Fourways Mall in Johannesburg, is negotiating the sale of a further five properties as it battles to turn around the centre and pay down debt.
These include the iconic Portside Tower in Cape Town, the tallest building in the city. The building was developed by FirstRand Bank and Old Mutual, and the banking group (primarily FNB) remains the largest tenant.
Accelerate acquired a roughly 50% stake in 2016, with the then-chief operating officer Andrew Costa saying "we remain a fund that has a focus on retail assets but we take up good opportunities like Portside when they arise".
Accelerate values Portside Tower at just over R600 million. It quietly announced its intention to sell these assets in its interim results for the six months to 30 September, published the day before Christmas Eve.
On the chopping block
هذه القصة مأخوذة من طبعة January 08, 2025 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة January 08, 2025 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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