Equites Property Fund, the specialist owner and developer of prime logistics assets in SA and the UK, is exploring the sale of its UK business to unlock value for its shareholders and will no longer undertake large-scale developments abroad.
But the war in Ukraine has sent global markets into turmoil, leading to central banks hiking interest rates to tame high inflation. “The Equites board believes that it is in the group’s best interest to explore the sale of its stake in the development platform and has appointed Rothschild & Co as its corporate advisor to facilitate a transaction. The stake in ENGL will only be sold if the Board believes the offer will maximise value for shareholders,” it added on Tuesday.The like-for-like property of its UK portfolio dropped by 21% on a like-for-like basis in British sterling.