Paraprop increases portfolio

Posted On Friday, 21 October 2005 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Paramount Property Fund has announced the acquisition of 11 new properties with a total value of 839-million rand

Property-Housing-ResidentialListed property loan stock company, Paramount Property Fund (Paraprop, PRA), has announced the acquisition of 11 new properties with a total value of 839-million rand.

This takes the size of Paraprop's property portfolio to just under two billion rand - a 66% increase - and its market cap to over one billion rand.

Paraprop MD, Rodney Squire-Howe, said: "It has been our medium-term objective to grow Paraprop from being one of the smaller funds on the listed property sector to being a 'mid-cap' fund. These acquisitions are an excellent investment and a good mix of office, retail and industrial properties. The investments range from high-profile, blue chip properties to those where we believe we can add some value, to solid long-term lease cash-flow streams."

Squire-Howe added that it was not an easy task to acquire assets in the current active property market and that the team have been working on these for a long time.

"Coincidentally, the deals have all come together over the past few weeks, enabling us to make one big announcement," he added.

 

Last modified on Monday, 05 May 2014 11:45

Most Popular

Should you rent or buy your business premises?

Jun 23, 2022
Malusi Mthuli_FNB
This is a question that most business owners will face at some point in their journey.…

April 2022 Hotel Accommodation Income Statistics continue to show a very weak picture compared to pre-lockdown times.

Jun 23, 2022
Hotels Monthly Income 2022
The StatsSA release of April 2022 preliminary monthly tourism statistics show the Hotel…

South Africa’s inflation exceptionalism: can it last?

Jun 23, 2022
Carmen Nel
South Africa is often seen as a high-beta play, be it regarding financial market risk…

Hyprop continues to reduce debt and reposition its portfolios in SA and EE

Jun 30, 2022
Skopje City Mall Playground
Hyprop, which manages dominant retail centres in mixed-use precincts in key economic…

Vaal Mall rolls up its sleeves for pothole repairs

Jun 30, 2022
Vaal Mall crew busy repairing the various potholes making easier access to the Centre.
Vaal Mall is showing their commitment towards their community by stepping up to repair…

Please publish modules in offcanvas position.