SEA Disposal Neutral
SPEAR REIT LIMITED - Voluntary Announcement Implementation Of Disposal Of Hamilton & Chiappini House
Spear Reit Limited
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What this filing means
Spear REIT confirms that the disposal of Hamilton and Chiappini House was implemented and registered on 13 July 2026 for R108m — closing out a transaction first announced on 12 May 2026. The terms were already public: a R27.25m uplift over the October 2024 acquisition cost, adding roughly 5 cents to NAV at a 7.5% disposal yield. With no new information and a flat CAR-20 (-0.8%), this is a confirmation filing rather than a directional signal.
Bear case
- The 7.5% disposal yield implies buyer-required capitalisation rates have widened for decentralised Cape Town office, signalling structural pressure in the asset class Spear is now exiting.
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