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September 15, 2010updated 13 Apr 2017 8:52am

Old Mutual plans South African property IPO

Old Mutual South Africa (OMSA), a unit of UK insurer Old Mutual plc, has announced plans to list a large portion of its property investments on the Johannesburg Stock Exchange (JSE). The properties are currently housed in Triangle Real Estate Core Fund, a pension fund investment vehicle of OMSAs life insurance division The total value of the listed property fund will be some ZAR12bn ($1.65bn) including a targeted ZAR5bn to be raised in the initial public offering scheduled for mid-2011

By LII editorial

Old Mutual South Africa (OMSA), a unit of UK insurer Old Mutual plc, has announced plans to list a large portion of its property investments on the Johannesburg Stock Exchange (JSE).

The properties are currently housed in Triangle Real Estate Core Fund, a pension fund investment vehicle of OMSA’s life insurance division.

The total value of the listed property fund will be some ZAR12bn ($1.65bn) including a targeted ZAR5bn to be raised in the initial public offering scheduled for mid-2011.

This will make the fund the third-largest property fund listed on the JSE, according to OMSA.

The fund will comprise 40 properties of which the five largest – all shopping malls – will represent half of the total value. Overall the fund will have 68% exposure to retail properties.

Driven by sharp falls in bond yields, listed property funds have been the top performers on the JSE so far this year, producing a total non-annualised return of just over 19%.

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