STANDARD BANK CENTRE, CAPE TOWN PURCHASED BY REDEF
Standard Bank Centre, Cape Town Purchased By Redefine
Redefine Income Fund Limited
Registration No. 1999/018591/06
SHARE CODE: RDF
ISIN CODE: ZAE000023503
Property loan stock Redefine Income Fund has announced the purchase of the 53
000m2 A-grade Standard Bank Centre on Cape Town"s Foreshore for R 218 million.
The purchase consideration will be settled by a combination of Redefine units
and cash. This represents a purchase yield of 13.31% and is income enhancing to
the fund.
"This is just the kind of deal we aim to pursue going forward", says Redefine
CEO Brian Azizollahoff. "Almost 90% of the lettable area comprises blue-chip
major tenants including Standard Bank, Telkom, P & O Nedloyd and Santam."
The Foreshore is one of Cape Town"s prime commercial and tourism nodes, with
recent developments including the new Cape Town International Convention Centre,
which opened last weekend. Ongoing residential and commercial property activity
at the adjacent V & A Waterfront node adds to the attractiveness of the area.
Date: 03/07/2003 07:56:03 AM Supplied by www.sharenet.co.za
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