Ascension lists on JSE’s Main Board

Ascension Properties‚ a substantially black-owned property loan stock company‚ has made its debut on the Real Estate sector of the JSE’s Main Board.

The company listed its A- and B-linked units at R3.80 and R1.90 per linked unit respectively on Monday and raised R374 million during a private placement to selected investors prior to the listing.

Ascension currently owns a portfolio of nine office properties in Gauteng and the Western Cape valued at approximately R524.1 million and has entered into agreements to acquire a further eight properties‚ valued at R457.2 million.

CEO Ashraf Mohamed says that the acquisitions will boost the company’s initial growth and foresees both organic and acquisitive growth for Ascension.

“We intend to achieve organic growth through the renovation of vacant portions of some of our existing properties with the intention to secure further anchor tenants and maximise earnings‚” he explains.

Ascension aims to develop into a multi-billion Rand fund over the next few years. The asset management function of the company is undertaken by the asset manager‚ whereas the property management function is outsourced on market related terms.

Assuming that the planned acquisitions are concluded next month‚ Ascension is expecting to report revenue of R182 million and operating profit of R125.5 million for the year ending 30 June 2012.

The proceeds of the private placement will be utilised primarily to fund the acquisition of the new properties and to reduce debt


  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us