Fountainhead Property Trust has agreed to acquire the prime industrial property belonging to Robor Pty Ltd at 233 Barbara Road, Elandsfontein, in Ekurhuleni east of Johannesburg, for R570.7 million.

Fountainhead chairman Michael Kirchmann hails 2013 as a 'momentous year' for Fountainhead.

JSE's R249bn listed property sector delivers a muted 7.3% total return for the first 11 months of this year, some way off the 17.92% achieved by the All Share index over the same time.

Redefine Properties acquires an additional 139.782-million Fountainhead units from various unit-holders in return for 15.376-million Hyprop units.

It will probably take at least another 12-24 months before Redefine Properties achieves its ultimate goal of a full takeover of Fountainhead Property Trust’s R11,1bn portfolio.

Fountainhead Property Trust declared a distribution for the 11 months to 31 August 2013 in line with market guidance and 2% down on its distribution for the comparable 11 months in 2012. 

Redefine Properties today announced its proposal to acquire up to an additional 250 million participatory units in Fountainhead Property Trust. 

Fountainhead Property Trust appoints new directors

JSE approves Fountainhead's application for Real Estate Investment Trust ("REIT") status

Former SA Corporate Real Estate Fund MD Len van Niekerk has been appointed by Redefine as CEO of Fountainhead.