SAC - SA Corporate Real Estate Fund Buys Johannesb
SAC
SAC
SAC - SA Corporate Real Estate Fund Buys Johannesburg Retail Centre
SA Corporate Real Estate Fund
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share code: SAC ISIN code: ZAE000083614
A Collective Investment Scheme in property registered in terms of
the Collective Investment Schemes Control Act, No. 45 of 2002 and
managed by SA Corporate Real Estate Fund Managers Limited
(formerly Marriott Property Fund Managers Limited)
(Registration number 1994/009895/06)
("SA Corporate" or "the Fund")
SA CORPORATE REAL ESTATE FUND BUYS JOHANNESBURG RETAIL CENTRE
SA Corporate Real Estate Fund, the R7 billion diversified fund managed by Old
Mutual Investment Group Property Investments, has concluded an agreement to
purchase a Johannesburg neighbourhood shopping centre for R42,5 million from
Capital Property Fund.
Roger Perkin, executive director of SA Corporate, said that The Ridge Shopping
Centre, which is in rapidly expanding Honey Dew Ridge west of Johannesburg, was
bought on an initial income yield of 9,1% and presented sound rental growth
prospects.
He says the 4 800 m2 centre, which was built in 2003, is 100% let and is
anchored by a 1 944m2 Spar and Tops outlet, with the balance of the line shops
providing convenience and restaurant services.
"It is located in a strong residential node with a large number of new
residential schemes being developed in the primary catchment area. This will be
a highly concentrated residential node in the short to medium term, catering for
the 6-10 LSM market. The trading densities of the anchor tenant, as well as the
level of market rentals being achieved on renewal of existing leases, give us
every reason to believe that the investment will deliver positive earnings
growth."
11 June 2007
Contact Roger Perkin
Tel: 031 366 1112
Cel: 083 456 8386
Date: 11/06/2007 15:28:23 Produced by the JSE SENS Department.
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