Accelerate Property Fund Announces The Disposal Of Ford Fourways Building
Accelerate Property Fund Announces The Disposal Of Ford Fourways Building. South African property company Accelerate Property Fund has announced that it is selling the Ford Fourways Building. Accelerate has entered into a sale of letting enterprise agreement with Hatfield Property Holdings (Pty) Limited, to dispose Ford Fourways Building on 31 January 2023.
The Property, a motor retail building adjacent to The Buzz Shopping Centre, Witkoppen Road, Sandton, Fourways, Gauteng forms part of Accelerate’s retail portfolio and was acquired by Accelerate on or about 11 December 2013. As of 31 January 2023, the Property was valued at R 87,126,541.00 and is being sold for a maximum cash consideration of R80 000 000.00 (Eighty million Rand) at a yield of 8.9%. It is the intention of Accelerate to apply the full proceeds to the reduction of debt and/or capital reinvestment into it’s core property portfolio.
This decision was made as part of our ongoing efforts to review our assets and ensure that they align with the company’s current business strategy and growth plans. The property in question was sold to its current tenant Hatfield Property Holdings (Pty) Limited. While this decision was not taken lightly, it believes that it is in the best interest of the Company and its shareholders.
Accelerate Property Fund is a listed Real Estate Investment Trust (REIT) offering investors the opportunity to share in a portfolio of well-established high-quality properties across South Africa. The company aims to work together in an entrepreneurial spirit, sharing information, knowledge and resources towards achieving individual and overall organisational performance objectives.
