Texton Announces The Sale Of Alrode Industrial Park
Texton Announces The Sale Of Alrode Industrial Park. The board of directors of Texton have announced that the company has entered into an agreement with Benav Properties Proprietary Limited on 4 April 2023 to dispose of Alrode Industrial Park for R50 million, to be cash settled.
Texton has limited exposure to industrial assets in its direct property portfolio. As such the board has decided to exit the sector to focus on repurposing its office assets. The disposal proceeds will be utilised to repay debt and invest to further develop its SME strategy. Furthermore, the recycling of capital will provide flexibility for future opportunities to diversify investment into other asset classes which appear attractively priced.
Texton Property Fund Limited (TEX) is a Real Estate Investment Trust with a portfolio of direct and indirect holdings in properties within the commercial sector of South Africa and the United Kingdom. The fund’s history dates back to 2006. Texton shares were first listed on the Johannesburg Stock Exchange (JSE) in 2011. The Fund has achieved success through a diversified property portfolio in industrial, retail and office property and continues to invest directly in income producing properties that offer potential for capital appreciation.
The overall objective of the Fund is to be the market leader in capital allocation across asset classes within the real estate sector, in order to optimise returns over time for shareholders. The strategic focus is diversification across sectors and geographies in order to maximise the growth in value for stakeholders.
