Ambit buys phase one of Thornhill office park

Posted On Monday, 19 January 2004 02:00 Published by eProp Commercial Property News
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Soon-to-be listed property loan stock company Ambit Properties, a joint initiative by Absa Commercial Property Finance and Marriott Holdings, has purchased phase one of Barrow Properties' Thornhill Office Park development in Midrand for R42m.

 

Property-Housing-ResidentialThe office park has a low vacancy level, and is let with leases ranging from three to five years, which augurs well for Ambit.

The property includes building one to 10, totalling about 7000m² of A-grade office space.

Brett Shaw, of Absa Commercial Property Finance, said the current vacancy level was about 15%, but Barrow Properties would be covering about 9% of the vacancies for tenants they had to relocate to phase two.

The tenant mix includes two multinational pharmaceutical groups Wyeth Pharmaceuticals and Syngenta, Motorola, Progress Software and the Trac Consortium.

Ambit's total vacancy level in its portfolio is 2%. This is low compared with most of the other listed property vehicles.

Ambit's private placing was recently completed, and was 73% oversubscribed.

The company said this reflected investor confidence in Ambit.

Looking at the year ahead, Shaw said the listed property market had experienced a hard run in terms of capital growth over the past couple of years. He said it expected investors to focus now on rental growth and increased distributions in property vehicles.

Last modified on Saturday, 10 May 2014 09:57

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