Orion Real Estate, which delisted from the JSE in 2019, has listed on the ZAR X and regained its status as a real estate investment trust (Reit).
Orion’s share was suspended from trade on the JSE at the beginning of November 2018 due to late delivery of financial results.
The company had been engaged in a fee dispute with auditors, and the JSE withdrew its Reit status in February 2019.
Orion said on Thursday that it had decided to list on the ZAR X rather than retain a JSE listing, and has restructured its commercial property portfolio, which now has a loan-to-value of about 15%. The company has sold assets to reduce debt.
“The listing will put Orion in a good position to take advantage of opportunities that will likely emerge from the Covid-19 economic fallout as other fund managers sell distressed assets or restructure their portfolios,” said CEO Franz Gmeiner.
The ZAR X was launched in 2017 to rival the JSE.
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