CBS Properties acquires new properties

Posted On Thursday, 08 December 2005 02:00 Published by eProp Commercial Property News
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CBS Property Portfolio has acquired seven prime properties for a total of 122 million rand, including the unique Simons Town Boardwalk Centre

 
Gary Fisher Head of Public Works Western CapeCBS Property Portfolio (CBS), which listed on the JSE on November 2, has acquired seven prime properties for a total of 122 million rand, including the unique Simons Town Boardwalk Centre, at a combined initial forward yield of 10.38%, the company announced.

The acquisitions, made with the additional cash raised at listing and additional units issued, would be yield-enhancing and contribute to meeting the fund's forecast earnings of 69 cents per share, said executive director Gary Fisher.

"We committed to putting this money to work and we are achieving this with these acquisitions, which meet CBS' stated objective of owning properties that provide sustainable and growing income in South Africa's major metropolitan areas," he commented.

The landmark 3,800 square metre Simons Town Boardwalk Centre is located on the Simons Town waterfront and caters for the growing tourist market visiting the area. The other properties comprise six multi-tenanted Gauteng office buildings including Gateway Park, Gate Creek and Green Oaks in Midrand, and Duam Properties, ENK Trust and JH Moselein in Randburg.

In the month since its listing, CBS linked units have gained 8.2%, rising from their 6.75 rand issue price per linked unit to reach 7.30 rand per linked unit at close on Friday, December 2.

 

Last modified on Monday, 05 May 2014 17:06

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