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%).
Bu hikaye The Citizen dergisinin August 15, 2024 sayısından alınmıştır.
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Bu hikaye The Citizen dergisinin August 15, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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