Freedom Property Fund: Market ‘responds well’ to listing

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Freedom Property Fund listed on the main board of the JSE yesterday. The fund, which has a diverse R1.56 billion portfolio across the commercial, industrial and residential sectors of the property industry, listed just over 1 billion shares at an issue price of R1. The shares closed at R1.12 yesterday. At listing, Freedom had a gearing of less than 3 percent and its net asset value a share (was) about 35 percent higher than the issue price of a share. Tyrone Govender, the chief executive of the fund, said the market had responded very positively to news of Freedom’s listing. “While our listing provides shareholders with the prospect of participating in a diverse portfolio of property assets, our strong weighting in the high-demand residential property development has attracted lots of attention,” he said. – Roy Cokayne

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