Pangbourne upbeat on retail centre acquisition

Posted On Friday, 11 March 2005 02:00 Published by eProp Commercial Property News
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Listed property loan stock company Pangbourne Properties is upbeat about the prospects for its newly acquired Pineslopes retail centre, saying Fourways, where the centre is situated, is one of the "premier growth" areas in Gauteng.

Property-Housing-ResidentialPangbourne said on Wednesday that its wholly owned subsidiary Newshelf 765 purchased Pineslopes and a commercial office building at Rivonia Boulevard, Johannesburg, for R174,9m.

Pangbourne CEO Athol Campbell said yesterday the company, which had a large exposure to industrial properties, already owned a number of retail properties, and that the acquisition of Pineslopes added to the spread of properties.

"We consider Fourways to be one of the premier growth areas in Gauteng," said Campbell. He said Pangbourne bought the retail centre for a "respectable" yield, but could not disclose it in terms of the sales agreement.

Campbell said sister company iFour Properties, in which Pangbourne has a substantial interest, also owned the Fourways Value Centre next door.

He said retail now accounted for 14% of Pangbourne’s property portfolio, while industrial properties made up 78%.

Campbell said the balance of Pangbourne’s portfolio consisted of offices as well as a small percentage of vacant land.

He said Pineslopes was fully let. It also contained a small office component.

The office building bought by Pangbourne was about 85% vacant, he said.

But he said he was confident they would be able to put the building to good use.

Last modified on Monday, 12 May 2014 15:50

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