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Debt funding for listed subsidiary

Posted On Tuesday, 30 August 2011 02:00 Published by eProp Commercial Property News
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Nedbank Corporate Property Finance in conjunction with Nedbank Capital has refinanced R450 000 000 of debt within MICC Properties (Pty) Ltd

Laurence RappMICC Properties (Pty) Ltd is a wholly owned subsidiary of JSE listed Vukile Property Fund Limited, a property loan stock company which was listed on the Johannesburg Stock Exchange in June 2004 and on the Namibian Stock Exchange in July 2007.   Vukile’s market capitalisation as at 31 March 2011 was R4.99 billion and its property portfolio is valued at R5.35 billion.

MICC Properties owns a portfolio of predominantly retail properties valued in excess of R1.2 billion. The portfolio is situated in South Africa as well as Namibia with the largest properties being Meadowdale Mall in Germiston, Roodepoort Hillfox Power Centre and Oshakati Game Shopping Centre in Namibia.

“Through this collaboration, Nedbank Corporate Property Finance, in conjunction with Nedbank Capital, was able to secure this refinancing opportunity by providing the client with attractive funding at competitive rates,” says Ken Reynolds, regional executive: Nedbank Corporate Property Finance Gauteng.

“Nedbank Corporate Property Finance specialises in carefully matching the specific needs of our clients as these evolve over time, with the cutting edge skills and impressive experience of our professional property consultants. These experts work closely with our clients on a hands-on basis to provide financial solutions that anticipate and fulfil the requirement for growth and expansion, with the view to build long-term, mutually beneficial relationships, such as that we have established with MICC,” concludes Reynolds.

 

Last modified on Thursday, 24 April 2014 09:46

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