Brimstone to reduce its stake in Equites Property Fund

Investment holding company Brimstone said on Thursday it plans to more than halve its stake in Equites Property Fund, and will use the proceeds to pay its debts.

Brimstone plans to sell about 21-million shares in Equites, worth R345m before the JSE opened on Thursday morning, which would reduce its stake in Equites from 5.68% to about 2.27%.

Pricing and allocations will be decided at the close of the bookbuild on Thursday.

Equites owns and develops high-quality logistics assets in SA and the UK and is the only specialist logistics real estate investment trust (Reit) listed on the JSE.

In morning trade on Thursday, the share price of Equites had fallen 4.03% to R15.95, while Brimstone was unchanged at R4.50.