Accelerate Property Fund has taken another step in its plans to repair its balance sheet by selling its BMW Fourways dealership property in Johannesburg for R174m, while signalling a return to profitability after years of financial strain.The JSE-listed real estate investment trust said on Thursday it had agreed to sell the property to CFAO Mobility Properties, a subsidiary ultimately owned by Japan’s Toyota Tsusho Corporation. The proceeds will be used to reduce debt as the group presses ahead with its restructuring programme, it said. The deal includes the land on the corner of Witkoppen and Cedar roads in Fourways and the BMW dealership operating on the site. The property was last valued at R180m, making the sale slightly below book value.“The disposal underscores Accelerate’s strategy of recycling assets to strengthen its finances after several years of pressure from high borrowings, weak property markets and operational challenges,” the group said. Despite the improved performance, shareholders will again be left dry, with the group opting not to declare a dividend as it prioritises cash preservation and balance sheet repairAt the same time, the group indicated its recovery is beginning to gain traction.Accelerate expects to report distributable earnings of between R40.1m and R47.3m for the year ended March 2026, a sharp reversal from the distributable loss of R71.3m recorded a year earlier. The improvement reflects the benefits of restructuring initiatives undertaken over the past year, together with an insurance settlement that lifted earnings, it said. Despite the improved performance, shareholders will again be left dry, with the group opting not to declare a dividend as it prioritises cash preservation and balance sheet repair.The group also said it had written off a long-running claim by Azrapart, the co-owner of Fourways Mall, that is in business rescue and is associated with businessman Michael Georgiou after its board concluded Accelerate is no longer legally obliged to honour the claim.The group is expected to publish its full-year results on July 31.Business Day