Fountainhead Property Trust: Smaller properties to be sold off

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JSE-listed Fountainhead Property Trust, which is managed and 66 percent owned by listed Redefine Properties, plans to dispose of 27 of its relatively smaller properties. The real estate investment trust released the properties to the market this week, which include office and industrial properties in the greater Johannesburg and Midrand area plus one small retail asset. Len van Niekerk, the chief executive of Fountainhead, said the planned disposals were another important step in the trust’s strategy to concentrate its efforts on its core portfolio of larger property assets. “Once these disposals have been completed, together with other properties held for sale, Fountainhead would have effectively halved the number of properties in its portfolio from 64 currently,” he said. However, Van Niekerk said the properties being disposed of represented less than 5 percent of the value of Fountainhead’s diversified property portfolio. Fountainhead linked units gained 5c to close at R7.72 yesterday. – Roy Cokayne

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