Pivotal Fund lists on the JSE’s Main Board

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Seen at the JSE listing event: Jackie van Niekerk, CEO of Pivotal Fund Limited and Dave Savage, Executive Director of Pivotal, celebrating with entertainers after blowing the ceremonial kudu horn to mark the company’s listing. Seen at the JSE listing event: Jackie van Niekerk, CEO of Pivotal Fund Limited and Dave Savage, Executive Director of Pivotal, celebrating with entertainers after blowing the ceremonial kudu horn to mark the company’s listing.

Capital growth property fund, Pivotal Fund Limited, today made its debut on the Johannesburg Stock Exchange with the share code “PIV” — bringing R9.2 billion portfolio to the market.

The listing comes shortly after the JSE entry of London AIM-listed, Sirius Real Estate Limited, which has portfolio valued at R6.4 billion based in Germany.

Prior to listing, Pivotal raised R1 billion through a heavily oversubscribed private placement, giving it a market cap of approximately R5 billion on the local bourse.

Pivotal CEO, Jackie van Niekerk, comments: “We are delighted to take the company into a bright future with its listing on the JSE Main Board. Listing Pivotal provides an opportunity for investors to share in the sustainable benefits of capital growth.”

Established in 2005 by property developer and manager Abland, the company has delivered a compounded annual growth rate in net asset value per share of 24% since 2009.

Pivotal’s R9 billion property assets comprise 33 retail and office properties, strategic land holdings near various Gautrain stations in Johannesburg and Pretoria, and an extensive development pipeline.

Its development portfolio at listing alone is set to increase the value of its assets to more than R14 billion.

Van Niekerk explains: “Our strategic development portfolio includes landmark projects in South Africa’s strongest commercial nodes, as well as a pipeline of future developments, which are well suited to grow its development portfolio.”

While it is considering opportunities in several other African countries, South Africa will remain Pivotal’s core investment market.

The company is an internally managed property fund with CEO, van Niekerk leading the executive team and is joined by Financial Director Aaron Suckerman and Executive Director, Dave Savage.

The company’s eight non-executive directors, of which five are independent, are Marc Wainer, Thando Sishuba, Tony Dixon, Chris Ewing, Thys Neser, Stewart Shaw-Taylor and Angus Mackay. Tom Wixley is independent non-executive chairman.

The JSE reportedly has 42 real estate holding and development companies on the main board, with a total market capitalisation of more than R523 billion.

Mall@Carnival owner, Acsion Limited whose portfolio valued in excess of R3.2 billion has also indicated plans to list this month.

Other property listings over the past 18 months, include Visual International, Accelerate Property Fund, Freedom Property Fund, Tower Property Fund, Safari Investments and Equities Property Fund.


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