Picture: 123RF/ALAN BILSBOROUGH
The group’s co-CEO, Andrew Wooler, said IPF needed to take advantage of opportunities its Europe-based team had found or it would miss out on double-digit returns. Irelease of financial results for the six months to September 2019, Wooler said IPF would sell those local assets that were not expected to increase in priceThe group said on Monday it would sell its shareholdings in the Musina Mall in Limpopo and Boitekong Mall in Rustenburg for R727m, at a discount to book value of 3%.
42.9% interest in a portfolio of 22 logistics properties in Europe by way of equity investment, for R1.13bn. Subsequent to this, it co-invested in other European assets with its management partners. Other SA property companies, including Rebosis and RDI Reit, that have invested in the UK and Germany have battled to excel in Western Europe. RDI reduced its German assets in 2020 and exited high-street shopping assets in the UK, shifting its focus to other asset classes. Rebosis has written off its investment in UK mall owner New Frontier Properties. Intu Properties is selling some of its Spanish coastal retail centres and its British malls, to lower its relative debt levels.
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