Arrowhead Properties gets REIT status

Arrowhead Properties, which listed on JSE in December 2011, announced on Wednesday it had received Real Estate Investment Trust (“Reit”) status approval by the JSE Limited.

The REIT status will be effective from the start of the company’s financial year, the 1st of October 2013.

Arrowhead owns a diversified property portfolio valued in excess of R2,8 billion which is a 100% increase on the size of the portfolio since listing in December 2011.

Earlier this year, the company demonstrated its commitment to meet the provisions of the property charter through the acquisition of Indite Property Fund, a 100% black owned entity, into which all Government tenanted properties will be transferred.

In May the company reported 13.6% growth in distributions per combined A and B unit for the quarter ended 31 March 2013 compared to quarter ended March 2012.

The company is confident it will meet its previous guidance of 10% distribution growth for the financial year ended 30 September 2013.

Arrowhead is the only JSE listed property loan stock company to pay quarterly distributions.

The fund is led by Chief Executive Officer Gerald Leissner, Chief Operating Officer Mark Kaplan and Imraan Suleman as Chief Financial Officer.

Leissner brings with him 48 years’ worth of experience in the listed property sector. He was previously CEO of ApexHi Properties Limited for 8 years until its merger with Redefine.