Equites Property Fund Limited (JSE:EQU) said on May 9, 2023 that it plans to sell its logistics business in the United Kingdom as a way to unlock value amid rising interest rates impacting asset valuations. Equites said the changing macroeconomic landscape impacted the UK investment market, which experienced substantial repricing in asset values during 2022. "The Equites board believes that it is in the group's best interest to explore the sale of its stake in the development platform and has appointed Rothschild & Co as its corporate advisor to facilitate a transaction," the company said.

Equites has a 60% shareholding in ENGL, a business it partnered with Newlands Developments. Through this business, it will also no longer undertake large-scale developments in the UK, it added.