LISTED Paramount Property Fund has acquired two landmark properties in Cape Town, one being the Swiss Re Building in Claremont.

The latest acquisitions, which are aimed at diversifying Paramount's property portfolio and improving the fund's financial structure, follow the purchase of five office blocks in Sandton in September and bring the fund's recent purchases to over R100 million.

The managing director of Paramount, Rodney Squire-Howe, said: "Our latest acquisition relates to two substantial blue-chip investments, the first being in Claremont, one of Cape Town's strongest decentralised nodes, while the second is a light industrial complex in Airport Industria." Squire-Howe regards the Claremont property as a "trophy building". The landmark Swiss Re Building on the corner of Main and Protea Roads totals 12 000m2 and is in the sought-after area around Cavendish Square shopping centre.

The building was acquired for R52.5 million and is well-known for its hi-tech, silver-clad exterior and its six levels of parking. The building was custom-built for the re-insurer and has a long-term, blue-chip tenant base which includes Swiss Re, Liberty, Momentum and Absa.

McCarthy Motors occupies the highly visible showroom on the ground floor. The building also has rental guarantees over the small amount of vacant space.

The second acquisition is a well-known industrial complex in Airport Industria which was acquired for R12.4m. The 5 000m2 industrial complex, which consists of offices, a workshop and a warehouse, is occupied by the previous owner, Wasteman, a waste management and recycling firm in a sale-and-leaseback deal.

The company has signed a seven-year lease for the property in Mobile Road in Airport Industria. The loan finance was arranged through Standard Bank Properties. For more information contact Bruce Kerswill at 021 659 5946