SA Corporate’s R965 Million Acquisition Gets Tribunal Approval

Posted On Wednesday, 05 September 2007 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

The Competition Tribunal had approved SA Corporate Real Estate Fund's R965 million acquisition of the Buffcol portfolio of 40 mainly industrial properties

Craig EwinSA Corporate’s CEO, Craig Ewin, said the acquisition boosted the fund’s portfolio to 197 properties with a total value of R8 billion, 33% being industrial, 60% retail and 7% offices.

He said the acquisition, in line with the fund’s expansion strategy, was being funded by new equity.  Management had secured irrevocable commitments by investors to take up the equity at a clean capital price of 395 cents.

“At a property yield of 8,15% the acquisition will be marginally earnings enhancing in the short term but offers excellent medium to long term benefits.  The properties are in sustainable and growing nodes in the major metropoles or large towns, with an excellent lease profile and tenancy.  They epitomise the investment philosophy of SA Corporate – long leases with some of South Africa’s leading national retail, industrial and office tenants with favourable rental growth prospects.”

SA Corporate Real Estate Fund is managed by Old Mutual Investment Group Property Investments (Pty) Ltd.

Last modified on Wednesday, 23 April 2014 13:27

Most Popular

Equites Property Fund’ prime logistics portfolio delivers exceptional returns

May 04, 2022
Andrea Taverna-Turisan
Equites Property Fund Limited today announced growth in its distribution per share of…

When is eviction legal? All you need to know about dealing with problem tenants

May 04, 2022
Buying an investment property is great, especially when you’ve chosen a good location.…

Money laundering risks on the rise in real estate

May 05, 2022
James George
Property practitioners in South Africa have been identified as potentially vulnerable to…

Fairvest to list on A2X

May 04, 2022
Fairvest Limited has been approved for a secondary listing on A2X Markets and will be…

Dipula reports solid interim results; all conditions precedent for the repurchase of Dipula A-shares fulfilled

May 05, 2022
Izak Petersen
South-African focused JSE-listed diversified REIT, Dipula Income Fund, today announced…

Please publish modules in offcanvas position.