Andrea Taverna-Turisan, CEO of Equites Property Fund. Picture: SUPPLIED
UK exposure helps to diversify the group against risk including rand volatility. Equites has historically built high-end distribution warehouses in SA to specifications, which it says are best-in-house. The company has a 60% stake in the joint venture, which it formed with Newlands. Through the partnership, it has access to land holdings in the UK and is able to build scale in that country’s logistics marketCEO Andrea Taverna-Turisan said the company had sold two “high-quality UK distribution warehouses to real-estate funds managed by Blackstone for £43.4m ".
This transaction would realise net cash proceeds of £23.7m to Equites, while lowering the loan-to-value ratio across its portfolio.