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Property group buys nine Cape Town properties for R866m

19th April 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Ingenuity Property Investments has reported tha it has boosted its property portfolio to over R2-billion after acquiring nine fully tenanted retail and commercial properties in Cape Town for R866-million.

The Western Cape-based property investment and development company, which bought the various properties from the property investment arm of Rabie Property Group, the Century City Property Investment Trust (CCPIT), and their partners, expects the transfer to be completed on September 1, 2013.

“These acquisitions, which give us a significant entry into the burgeoning Century City mixed-use precinct, where total investment to date has exceeded around R18-billion and is continuing to outperform the market, will solidify our Western Cape-focused investment portfolio,” Ingenuity CEO Arnold Maresky stated.

The group acquired five buildings in Century City, including Aurecon’s five-star Green Star SA-rated building; Estuaries 1, which is tenanted by IBM; and Gateway, tenanted by the SMG/BMW motor dealership, accountancy firm Moore Stephens and security software provider Symantec.

Ingenuity also bought a 50% stake in the Tokai on Main Office Park and the Tokai on Main Shopping Centre, which have Fruit & Veg City and Sportsmans Warehouse as anchor tenants.

Further, the property group added a 66.6% stake in the Palmyra Junction shopping centre, in Claremont, as well as Ingenuity’s previously rented head office in the Intaba Building, also in Claremont, to its portfolio.

“They are all new-generation, modern proper- ties with long-term leases – with the average lease period exceeding seven years – and blue-chip national tenants, which will further enhance and underpin our already strong income stream going forward,” Maresky said.

The acquisitions will be financed by borrow- ings and a vendor placement of shares, as well as the issuance of 200-million shares at 85c a share to CCPIT.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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