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Martprop Property Limited - Boosts Gauteng Portfolio
Martprop Property Limited
Share Code: MTP
ISIN: ZAE000037271
MARTPROP BOOSTS GAUTENG PORTFOLIO
Martprop, soon to be renamed SA Corporate Real Estate Fund, has boosted the
commercial and industrial component of its R2,6 billion portfolio with the
acquisition of two Gauteng properties for R65,5 million.
The larger of the two, a 28 538m2 industrial property in Pretoria, is occupied
by Nampak Tissue (Pty) Ltd and Biddulphs Removals & Storage SA on five-year
leases through to 2010 and 2011.
Martprop MD Roger Perkin says the Nampak premises, covering 25 149m2 of
warehouse, factory and offices, is used for the manufacturing and distributing
of tissue, hygiene and foil products as well as baby diapers. Nampak are
currently carrying out improvements to that part of the property occupied by
themselves. Biddulphs use the premises for storage and distribution. The
property was bought for R32,5 million.
The second property, bought for R33 million, is a high quality office building
occupied by ABSA Bank in Midrand measuring in extent approximately 3 000m2. The
ground floor is utilised as a banking hall and the first floor as administrative
offices. The property is on a lease to 2011.
"These properties have been bought with leases at sustainable rental levels and
in areas, which will no doubt show good rental appreciation going forward. The
geographic weighting of the portfolio in Gauteng is now above 40%" says Perkin.
3 October 2006
Date: 03/10/2006 01:09:02 PM Produced by the JSE SENS Department
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