SA REIT plans R918m deal

Posted On Thursday, 17 April 2008 02:00 Published by eProp Commercial Property News
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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

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