Lodestone REIT Limited lists on the Johannesburg Stock Exchange

The JSE, today, welcomed Lodestone REIT Limited on the JSE’s AltX board. Lodestone REIT Limited is the second company to list on the JSE this year, bringing the total number of companies listed on the AltX board to 60. Lodestone (JSE: LDO) listed on the Real Estate Diversified REIT sector on the AltX board of the JSE. 

 

Donna Oosthuyse, Director Capital Markets at the JSE, said: “The introduction of the Real Estate Investment Trusts (REITS) structure has been a positive development for both investors and companies in the listed property sector. Both investors and companies have taken to the REIT structure due to its exposure to diverse property assets, reliable income and exemption from capital gains tax. For the JSE, the launch of the REITS structure formed part of our strategy to offer a comprehensive range of products and services to meet demand in a globally competitive environment.”

 

Lodestone Managing Director, Jason Cooper comments on the company’s debut:  “We are pleased to announce the listing of Lodestone REIT Limited in the “Diversified REITS’S” sector on AltX. Lodestone is an opportunistic property holding and investment company. Its primary objective is to identify value-enhancing opportunities within the commercial, industrial, residential and retail sectors via direct property and listed equity investments, both locally and abroad. The strategy is to create a stable and diverse portfolio of assets capable of generating secure and escalating free cash flows.”

 

Lodestone listed on the AltX board by way of private placement. Investors were offered an opportunity to subscribe for 24 million ordinary shares to raise R122, 4 million. 

 

The total market capitalisation of AltX is R20.5billion and Lodestone REIT Limited is the 9th company in the real estate sector to list on the AltX board.