Freedom Property: Fund’s R12.6m revenue is on track

Freedom Property, which listed on the JSE’s main board in June, is on track to achieve its prelisting forecasts. The fund this week reported revenue of R12.6 million for the six months to August, which is 64 percent of its forecast revenue of R19.8m from its existing property in the year to February. Revenue from the sale of development properties of R27m in the reporting period significantly exceeds the forecast R8.5m for the full year. Freedom’s performance is measured by growth in net asset value (NAV) a share. It closed the period with a NAV a share of 123c before taking into account any revaluation of its assets and enhancement of income. Tyrone Govender, the chief executive of Freedom Property, said Freedom was well on track to comfortably meet their performance forecasts and they were confident their broad short- to medium-term strategies were well under way to being successfully implemented to unlock value from the fund’s portfolio and pipeline. By August, Freedom had also commenced or committed to all projects in its listing prospectus. – Roy Cokayne