On 21 May 2024, after the market closed, Accelerate Property Fund released a statement that Investec had acquired a “beneficial interest in the ordinary shares of the company”.
There was no additional information, but it was clear that Investec acquired Georgiou’s shares linked to a lending transaction. However, they now own 8%, which is difficult to sell, considering Accelerate Property Fund is a relatively small and illiquid share. Verster previously cautioned that investors should take note of Accelerate’s “colourful history” and material related-party transactions.
The Fourways precinct is owned by Azrapart and Eriologix. Azrapart is wholly owned by Eriologix, which is wholly owned by the Michael family trust. Verster doesn’t agree with these business practices, which is why he had short positions on the stock in the past.
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