Tito Mboweni may be your landlord; chairs R6bn company which owns Fourways Mall, lists next month

tito1Tzaneen’s most famous son, Tito Mboweni, has been making some serious business waves since leaving his Governorship of the SA Reserve Bank. ANC stalwart Mboweni, who chairs JSE-listed gold major Anglogold Ashanti and energy prospector Sacoil, will be expanding his listed company portfolio on December 12  Accelerate Property Fund makes its JSE debut.

Recently formed, the retail property focused fund is in the process of raising R2bn through the private placement of 480m shares. Almost 90% of the cash has alsready been committed by investors with the balance secured through an R300m underwriting agreement. The Accelerate pre-listing SENS announcement  has more details. 

Accelerate Property Fund's Top 10 holdings dominated by the Fourways Mall.
Accelerate Property Fund’s Top 10 holdings dominated by the Fourways Mall.

In a Press Release issued today Accelerate’s chairman Mboweni said:  “We are excited by the listing on the JSE and have been extremely encouraged by the interest and support shown by investors. Accelerate presents a unique opportunity for investors to gain exposure to the highly defensive retail sector.

With our experienced management team, high quality premier portfolio, strong corporate governance and value creation strategies to support future growth, we believe we are well positioned for this next stage in the life of Accelerate.”

 Accelerate has 51 properties in a portfolio valued at R5.9bn with gross lettable area of 440 520 square metres. As our table shows, just over a third is invested in the Fourways Mall, north of Sandton. – AH

Visited 148 times, 1 visit(s) today