ApexHi Properties to sell Jo'burg buildings
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Property Reporter
PROPERTY loan stock company ApexHi Properties said yesterday that it would sell four Johannesburg central business district buildings to the Gauteng provincial government for R154,4m.
ApexHi CEO Gerald Leissner said the funds generated from the sale of 30 Simmonds Street, 94 President Street, 78 Fox Street and 37 Sauer Street would be used to reduce ApexHi's borrowings to 26% of its gross assets.
Leissner said the government approached the company about selling the properties, and it was not actively looking to dispose of its Johannesburg central business district properties.
ApexHi would also make a small profit on the sale of the buildings. "It indicates, notwithstanding the pessimism people had about acquiring Johannesburg CBD property, there is a market for CBD properties," Leissner said.
Following the transfer of the properties, ApexHi would own about 33 buildings in the central business district worth about R307,28m. This represented about 13,77% of the entire portfolio.
Leissner said he assumed the acquisitions would form part of the government precinct recently announced by premier Mbhazima Shilowa.
Leissner said that other than 78 Fox Street the other three buildings were all government occupied at present.
Leissner confirmed ApexHi was on the acquisition trail.
Nov 18 2003 07:38:39:000AM Nick Wilson Business Day 1st Edition
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