July 11 2023
Safari Investments, the retail landlord is set to delist from the JSE, following Heriot Reit becoming its largest landlord. Safari is too illiquid and small to justify a listing on the main bourse.
Heriot is helping Safari to sell its non-core assets including a day hospital in Soweto and and Platz am Meer, a Namibian mixed-use development. The group will operate as a private business within Heriot. Heriot will bring properties into Safari. Safari will also sell Mnandi Shopping Centre.
Safari recently reported that its dividend had increased 14% to 65c a share for the year to end-March 2023. This was using a payout ratio of 100%. Safari which is worth R1.5bn also saw its operating profit rise 15.4% to R282.8m.
alistair@propertyflash.co.za
