FOURWAYS CENTRE: TOTAL DEBT REMAINS ELEVATED AT R4.4BN.
The co-owner of Fourways Mall, Accelerate Property Fund, has been out of runway for a while. Its largest asset is trading satisfactorily, but there is simply too much debt at the so-called "centre".
Total debt remains elevated at R4.4 billion, despite it selling a string of assets over the past few years. In the last two financial years alone, these sales have raised R350 million. Two years ago, debt was at R4.5 billion.
It's simply not generating enough cash to service its debt and is relying on these asset sales to plug the gap.
In its last financial year (to 31 March), it generated cash from operations of R384 million (about the same as the prior year). However, it incurred R436 million in finance costs. A large portion of its debt pile was incurred in the redevelopment of its largest asset, Fourways Mall (of which it owns 50%).
この記事は The Citizen の August 15, 2024 版に掲載されています。
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この記事は The Citizen の August 15, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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