IT IS not every day that a property portfolio of the quality of Richway Retail Properties is available for sale at attractive capitalisation rates, say Primegro joint MDs Martin Ettin and Derek Greenberg, who have secured the portfolio.

Listed property group Primegro has finalized an agreement to acquire the retail property portfolio of Richway for 1.175 billion rand in one of the country's biggest property deals, the company announced on Friday. The transfers are expected to be registered immediately in Primegro's favor, excluding Long Beach, bringing the value of its property portfolio to 2.34 billion rand.

RICHWAY Retail, the property management subsidiary of retail specialist Vestacor, has sold assets worth R1,07bn to Primegro, Richway's CEO Peter Blanckenberg said yesterday.

PRIMEGRO SET TO DOMINATE RETAIL PROPERTY OWNERSHIP