SAC
SAC
SAC - SA Corporate`s R965 Million Acqusition Gets Tribunal Approval
SA Corporate Real Estate Fund
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share Code: SAC & ISIN Code: ZAE000083614
(formerly Marriott Property Fund Managers Limited)
(Registration number 1994/009895/06)
("SA Corporate")
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
SA CORPORATE`S R965 MILLION ACQUSITION GETS TRIBUNAL APPROVAL
SA Corporate Real Estate Fund said today that the Competition Tribunal had
approved its R965 million acquisition of the Buffcol portfolio of 40 mainly
industrial properties.
SA Corporate`s CEO, Craig Ewin, said the acquisition boosted the fund`s
portfolio to 197 properties with a total value of R8 billion, 33% being
industrial, 60% retail and 7% offices.
He said the acquisition, in line with the fund`s expansion strategy, was being
funded by new equity. Management had secured irrevocable commitments by
investors to take up the equity at a clean capital price of 395 cents.
"At a property yield of 8,15% the acquisition will be marginally earnings
enhancing in the short term but offers excellent medium to long term benefits.
The properties are in sustainable and growing nodes in the major metropoles or
large towns, with an excellent lease profile and tenancy. They epitomise the
investment philosophy of SA Corporate - long leases with some of South Africa`s
leading national retail, industrial and office tenants with favourable rental
growth prospects."
SA Corporate Real Estate Fund is managed by Old Mutual Investment Group Property
Investments (Pty) Ltd.
Ends
Contact
Craig Ewin
CEO of SA Corporate Real Estate fund
Tel: 083 441 0530
Date: 05/09/2007 16:43:46 Produced by the JSE SENS Department.
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