A joint venture between Gauteng property developers Brydens Group and Montagu Property Group, Heartwood Properties is the first property company to list on the new 4 Africa Exchange (4AX). 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, it has listed with just more than 100-million shares on the exchange at 59c per share, placing its market capitalisation at R59m.
Says Heartwood CEO John Whall: “As a development company wanting to expand to meet the market’s demands and keep abreast of trends, listing on the 4AX has been revolutionary. It is indeed an exciting time for us.”
Pallidus Capital acts as the ongoing external issuer agent of Heartwood Properties. Operating predominantly in the Gauteng region Heartwood is also busy expanding into the Cape Town area.