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Cape Town - Heartwood Properties - a joint venture between Gauteng property developers Brydens Group and Montagu Property Group - is the first property company to list on the new 4 Africa Exchange (4AX).
Designed for smaller businesses, the 4AX, launched in 2017. According to Heartwood, it is ideally suited for it as the company will continually need to raise new capital for limited investors as they grow.
Heartwood focuses primarily on properties in the warehousing and commercial sectors. Most of the company’s tenants secure long leases and operate in the medium-to-large owner-managed sector.
Owning assets worth about R120m, they have listed with just more than 100-million shares on the exchange at 59c per share, placing its market capitalisation at R59m.
Heartwood CEO John Whall says this type of investment suits high net worth individuals who are looking for fairly direct investment into quality property holdings and developments. In his view, 4AX offers investors guaranteed good governance, transparency and all the controls that go with listed entities.
Pallidus Capital acts as the ongoing external issuer agent of Heartwood Properties.
Future developments include an R80m warehouse and showroom in Northriding with one substantial tenant already secured, and a prime office development in Bryanston that will feature a rooftop venue looking back at the Sandton skyline.
Operating predominantly in the Gauteng region Heartwood is also busy expanding into the Cape Town area.
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