Martprop Property Fund - R75 Million boost for Mar
MTP
MTP
Martprop Property Fund - R75 Million boost for Martprop"s Western Cape
Portfolio
Martprop Property Fund
Share Code: MTP
ISIN: ZAE000037271
Martprop Property Fund, soon to be renamed SA Corporate Real Estate Fund
and which is managed by Old Mutual Property Group, has boosted its Western
Cape industrial portfolio through the completion of a R75 million warehouse
and office complex in Tygerberg Business Park.
The addition of this development for The Fuel Group, a logistics services
business, to Martprop"s R2,6 billion portfolio lifts the Western Cape
component to 12% following disposals earlier in the year, says managing
director Roger Perkin.
"While the fund is being reshaped through disposals and acquisitions, the
emphasis continues to be on industrial properties," says Perkin. "The
current national split is 63% industrial, 28% retail and 9% offices."
He says so far this year Martprop, apart from the development for the Fuel
Group, has sold Cape Town industrial properties for R17,2 million and
acquired commercial property for R21,6 million in the Western Cape.
"Tygerberg Business Park, off Modderdam Road, Bellville, provides excellent
access to the N1 and N2 and the international airport and is therefore an
ideal location for The Fuel Group"s distribution business."
Perkin says the initial yield of the Fuel Group development, which is on a
five-year lease, is 10.25%.
"This development entrenches the Fuel Group as one of Martprop"s top 10
tenants who account for 40% of the portfolio. The warehouse facility of 18
000m2 was designed to Fuel"s specific requirements and includes a truck
wash facility, fuel pumps, staff facilities and cafeteria and a standby
generator."
The complex is occupied by three Fuel Group units. They are RTT, an
express distributor into retail and independent markets; Special Operations
Services which focuses on design and implementation of integrated logistics
systems; and HRP, a specialist carrier focused on meeting the demands of
the retail industry.
The Fuel Group also occupies Martprop properties in Centurion and Jet Park
in Gauteng; and North Coast Road and Jacobs in Durban.
17 October 2006
Date: 17/10/2006 08:56:20 AM Produced by the JSE SENS Department
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