| Mon 17 Sep 2007, 15:05 | | SAC - SA Corporate gives R107 million Tshwane Acqu |
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SAC
SAC
SAC - SA Corporate gives R107 million Tshwane Acquisition a new look
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")
SA CORPORATE GIVES R107 MILLION TSHWANE ACQUISITION A NEW LOOK
SA Corporate Real Estate Fund has acquired and will be developing the Renbro
Shopping Centre on the old Warmbaths road in Hammanskraal, Tshwane, for R107
million to meet demands from leading national operators for stores in a vibrant
and growing town.
Transformation of this investment into a superior community shopping centre,
anchored by a 2000m2 SuperSpar is due to be completed by August 2008, says Peter
Sparks, executive director of SA Corporate.
He says the property is well located with good road access adjacent to the well
established and rapidly developing Hammanskraal residential area north of the
Pretoria CBD.
"This is an area with expanding housing developments and increasing disposable
income.
Renbro will be a well anchored centre, with at least 75% national tenants
committed on predominantly 5 year leases, with Spar on a 10 year lease. Current
tenant commitments exceed 80% which is very favourable considering the completed
development opens in 11 months time.
The acquisition is consistent with one of the SA Corporate investment objectives
which is to provide retail amenities in under-serviced areas provided they are
commercially viable with favourable rental growth prospects.
We have done this successfully with the creation of Hubyeni Shopping Centre at
Elim, Limpopo, and Umlazi Mega City in Durban which have similar tenant profiles
to Renbro`s offering."
Sparks says the centre, with 13 500m2 retail, a small component of offices and
754 parking bays, is being developed over four phases.
"This involves the building of a 300m2 freestanding unit KFC, construction of a
2000m2 supermarket for Spar, the construction of 33 shops, the refurbishment of
existing buildings and the demolition of part of the existing buildings to make
way for parking.
Additionally, the existing Total petrol filling station on the site will be
redeveloped to include a convenience store. A formal taxi rank will also be
accommodated."
The initial yield for the Renbro centre is projected to be 9,2%, says Sparks.
SA Corporate is managed by Old Mutual Investment Group Property Investments
(Pty) Ltd
Ends
Contact: Peter Sparks - 031 366 1122
Date: 17/09/2007 15:05:06 Produced by the JSE SENS Department.
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