Accelerate Property Fund Limited

Overview

Accelerate Property Fund Limited is a Real Estate Investment Trust (REIT) listed on the Johannesburg Stock Exchange, specializing in acquiring, developing, and managing premium properties. The fund's portfolio includes 62 properties across South Africa and Europe, comprising 26 retail, 20 office, and 7 industrial properties. Notable assets include Fourways Mall, Cedar Square Shopping Centre, and the Portside Building in Cape Town. The fund's investment strategy emphasizes high-quality assets with long-term leases and strong tenants. It focuses on key strategic nodes, redeveloping and upgrading properties to enhance their value, and maintaining tight control over property expenses to deliver exceptional value for shareholders. The portfolio is diversified geographically, with 89% in South Africa, 6.8% in Austria, and 4.2% in Slovakia. In recent years, Accelerate has undertaken significant restructuring efforts, including a R300 million rights offer and the divestment of approximately R1.9 billion worth of assets to reduce debt. These initiatives aim to create a smaller, premium, retail-oriented portfolio, with a targeted loan-to-value ratio of below 40% and an improved Interest Cover Ratio to 1.6 times. The fund's weighted average lease expiry is 5.3 years, with an average escalation of 7.4% (excluding the offshore portfolio).

Investment Focus

• High-quality properties with long-term leases
• Strong tenants
• Strategic locations

Portfolio Companies