Just months after parting ways with South African property mogul Michael Georgiou , its longtime board member and former chief executive, Accelerate Property Fund, a Johannesburg Stock Exchange-listed real estate investment trust REIT, has continued selling off its properties. With only a few remaining, the fund is looking to dispose of more assets as it seeks to stabilize its finances, which currently hinge heavily on Fourways Mall.
On Tuesday, Accelerate announced the sale of the Bosveld Bela Bela shopping center, known locally as Bosveld Mall. The transaction is part of a series of sales aimed at using proceeds to reduce debt. Accelerate reported receiving R88 million 5.57 million in cash for the property, which was valued at R95 million 6.02 million, marking a disposal yield of 8.6 percent.
Recent disposals include Buzz, Waterford
