Accelerate sells out

DISPOSALS: AFTER SELLING 10 PROPERTIES, PRECIOUS LITTLE IS LEFT

- Hilton Tarrant

GOING, GONE. At the end of September, Accelerate's debt stood at R3.7 billion. Its market cap on the JSE is R1.25 billion. Picture: Instant Property website

(Instant Property website)

The co-owner of Fourways Mall, Accelerate Property Fund, continues to sell down valuable investment properties as it battles to exit a situation where its entire future hinges on that mall.

On Tuesday, it announced the sale of the Bosveld Bela Bela shopping centre, which appears to be known by the whole community as Bosveld Mall.

This transaction sees the listed entity, Accelerate, net R88 million in cash for a property valued at R95 million. It says the disposal yield for this deal is 8.6%.

This is the latest in a long string of transactions to dispose of properties by the real estate investment trust (Reit) - to ostensibly "apply the proceeds of the disposal to the reduction of debt".

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