DLT Disposal Neutral
DELTA PROPERTY FUND LIMITED - Proposed disposal of Hatfield Forum East and update on successful transfer of In2Fruit and 88 Field Street
Delta Property Fund Limited
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What this filing means
Delta is selling Hatfield Forum East for R35m in cash — 24% below its independent Knight Frank valuation of R45.9m as at 28 February 2026 — with proceeds directed at debt reduction. The 39% vacancy rate and weak NOI profile explain the discount, but the gap between price and valuation is a real cost. Two prior disposals (In2Fruit and 88 Field Street) are confirmed closed; Hatfield's transfer is targeted for January 2027, subject to Listings Requirements compliance within 120 days. The disposal…
Bull case
- Net proceeds will be applied directly to reducing Delta's debt balance, advancing deleveraging without equity dilution.
- The 39% vacancy rate indicates a structurally underutilised asset, so disposal removes drag and improves the quality of the retained portfolio.
Bear case
- Hatfield Forum East is being sold for R35m versus an independent Knight Frank valuation of R45.9m — a ~24% discount that signals weak pricing power or undisclosed asset deterioration.
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