GoGlobal Properties delivers a total return of 3.8%

Gerald Leissner, Chief Executive Officer of GoGlobal Properties

JSE’s newest property listing, AltX-listed GoGlobal Properties, said on last week Thursday its total return from investments over the quarter ended June was 3.81%.

GoGlobal’s CEO, Gerald Leissner, is an experienced player in the local industry and is also CEO of JSE-listed Arrowhead Properties. Incorporated in Bermuda, where it has its primary shell-type listing, GoGlobal was established to invest in high-yielding real estate companies and assets.

"Based on the support that (capital-raising entities) have received in their previous endeavours ... the promoters consider the company will present an attractive opportunity to South African investors," the company said.

GoGlobal’s secondary listing on the AltX in April would boost its ability to raise capital. In that month, the property investor said discussions relating to the potential acquisition of €212m worth of properties in Germany and the UK were "ongoing".

In line with its policy, GoGlobal invested about 50% of the capital raised since its incorporation in October last year in a portfolio of listed European and UK real estate investment trusts (Reits).

The balance of the capital raised had been retained in cash.

For the period from incorporation — October 26 last year to March 31 this year — the company showed a loss per ordinary share on a fully diluted basis of 5.25p.

That arose from a loss on revaluation of the listed Reit portfolio, which was offset partially by a dividend yield of 1.44%, and operating costs of just £6,006.