Annuity Properties buys letting enterprise for R258.52m

Posted On Tuesday, 26 February 2013 08:13 Published by Commercial Property News
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Annuity Properties (ANP) said on Monday it had acquired Clearwater Office Park for R258.52 million in cash.

Derek Greenberg and Panico TheocharidesThe company said the acquisition was consistent with its strategy of acquiring high-quality properties that offer long-term distribution and capital growth underpinned by strong underlying cash flows.

The Clearwater Office Park, a multi-tenanted A-grade office park comprising of 6 office buildings, is situated in a prime location within the Roodepoort business district, an established commercial and residential node.

The property's close proximity to amenities such as the Clearwater Mall, the Retail Crossing and the N1 and N14 highways place it in very desirable business location.

The Clearwater Office Park Letting Enterprise boasts superb modern finishes and offers a high quality tenant profile which underpins the stability of the letting enterprise's contractual cash flows and future rental growth.

The letting enterprise's highly defensive anchor tenants include Absa Group Limited, Standard Bank Group Limited, Nedbank Group Limited, PSG Group Limited and Mutual & Federal Insurance Company Limited.

This Acquisition is consistent with Annuity's strategy of acquiring high-quality properties that offer long-term distribution and capital growth underpinned by strong underlying cash flows and also presents an opportunity for Annuity to diversify the geographic spread of Annuity's office portfolio.

Last modified on Saturday, 08 June 2013 18:48

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