SA REIT plans R918m deal

Posted On Thursday, 17 April 2008 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Listed property company SA REIT said yesterday it was acquiring a portfolio of properties for R918,2m from Super Group


Arnold Maresky IngenuityThe deal was in line with its strategy to “diversify and grow” the fund and earnings. The proposed agreement meant it would acquire 11 office and industrial properties, nine in Gauteng and two in KwaZulu-Natal.

Super Group’s board decided to consider the transaction because of the “buoyant economic climate surrounding commercial and industrial properties at present” and the “ability of Super Group to reduce gearing in an economic climate of increasing interest rates”.

SA REIT CEO Arnold Maresky said if the transaction went ahead it would increase the company’s property portfolio size to about R1,5bn.

Keillen Ndlovu, co-head of Stanlib Property Franchise, said the fundamentals of industrial properties were positive relative to the retail property market. He said the transaction would give SA REIT “critical mass”.

The company used to be called Shops for Africa. In September, Shops for Africa, formerly a listed property loan stock company that was transformed into an ordinary share capital company, was relisted on the JSE as SA REIT, a property investment and development company.

To this end, 10 properties, including three development opportunities, were acquired for R370m, and were reverse listed into the company.

Last modified on Tuesday, 22 April 2014 08:41

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

Steilloop Shopping Centre makeover exceeds customer needs

Apr 22, 2022
Rural Limpopo's Steilloop Shopping Centre was bought by developer, GMI Property Group…

Deadline looms for energy performance compliance for commercial buildings

Apr 25, 2022
Energy certiticate
By 7 December 2022, commercial properties in specified sectors must have obtained their…

First quarter Rode’s Report raises doubts over the Sectional Titles Schemes Management Act

Apr 25, 2022
Default Image
The latest issue of the Rode’s Report has brought into question the practicality of the…

Please publish modules in offcanvas position.