Accelerate Property Fund, whose share price dipped to a record low in October, said on Friday it would sell an Edcon warehouse for R94m as it proceeds with disposals, to reduce debt.
The disposal of the warehouse in the Western Cape comes as the company seeks to sell off R2.5bn in assets, and some of the proceeds may be used to buy back shares. Since the end of March, the company had sold properties to the value of R500m, saying on Friday sales of a further R460m worth of assets was well advanced.
Accelerate's share price has been battered so far in 2019, falling 42.73%, compared to a 10.27% fall in the JSE property index. In September, the company warned that rental reversions and additional costs at its newly upgraded Fourways Mall would have a material effect on its payments to shareholders.
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