Quantum is all set to list

Posted On Tuesday, 07 October 2008 02:00 Published by
Rate this item
(0 votes)
Property development group Quantum Property Group is to list next Monday on the JSE’s AltX.

Loyiso Sibali

Property Reporter

PROPERTY development group Quantum Property Group (QPG) is to list next Monday on the JSE’s AltX.

The group said the rationale was to enable it to access more and larger property opportunities and to access equity investments as well as borrowed funds. Other reasons were to create share liquidity, facilitate an incentive scheme to attract and retain top management skills, and create value for shareholders.

QPG raised R32,3m in issuing 13333334 shares at R1,50 and 6858371 shares at R1,80 a share to select investors during the prelisting period.

CEO Gary Itzikowitz said the market turmoil presented opportunities for property developers to make money with value returning to the property market. “We intend to grow the company quite actively, however, with caution and quality.”

Itzikowitz said the group, which is active in all property sectors, was redeveloping a prime site (15 on Orange), near Parliament in Cape Town, into a mixed-use development including a five-star hotel with a spa and wellness centre, conference facilities, a retail centre, penthouse apartments and a four storey parking garage.

The project should be completed next June, and had been independently valued at R988m on completion.

“While in the short term Cape Town is a leading host city for the … 2010 Soccer World Cup, which bodes well for tourism, long-term prospects are sustainably stronger with the city continually being rated as one of the top 10 cities globally to visit,” said Itzikowitz.

QPG executive directors have track records in property development and portfolio management, having already developed more than R4bn in projects.

Source: Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge

Most Popular

Alexander Swart Property Group: Cape Town’s Residential Property Values still the best in SA

May 25, 2019
 BBA 1
A survey recently carried out by the respected property analysts, Lightstone, has…

Dipula Holding steady in tough trading conditions

May 22, 2019
 IZAK PETERSEN
JSE diversified REIT, Dipula Income Fund (Dipula), today announced steady interim results…

Lucid launches SA’s newest hotel brand Home* Suite Hotels

May 22, 2019
 BEDROOM
Lucid Ventures, the R350M Cape Town based Hotel Fund, this week announced the launch of…

Tradehold shows resilience in demanding markets

May 24, 2019
 FRIEDRICH ESTERHUYSE
In the year to February, 2019 Tradehold, with property interests split between southern…

EPP and Echo Investment awarded for Towarowa 22 plans

May 21, 2019
 EPP CEO HARDLEY DEAN
EPP, Poland’s largest owner of shopping malls and its partner Echo Investment, the…

Please publish modules in offcanvas position.