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Martprop - Buys Fourways Design and Decor Centre
Martprop Property Fund
Share Code: MTP
ISIN: ZAE000037271
Martprop, soon to be renamed SA Corporate Real Estate Fund, has bought the
Forest Road Design and Decor Centre in Pineslopes, Fourways for R104 million at
an initial yield of 9,1%.
Managing director Roger Perkin says this further boost for the Gauteng component
of Martprop"s R2,6 billion portfolio follows September"s R65,5 million purchase
of an industrial property in Pretoria, leased to Nampak Tissue and Biddulphs,
and a Midrand commercial building occupied by Absa for R33 million.
He says the three-year-old centre is strategically located between Fourways
Crossing and Pineslopes Centre and enjoys substantial passing traffic on a busy
arterial linking the Pineslopes/ Monte Casino hub and the Fourways Mall/Fourways
Crossing hub. The surrounding residential developments that have proliferated
in recent years are geared towards the higher income brackets and are
characterised by fairly high densities, both of which underpin the strong
consumer base for which the tenants of the centre cater.
Given the robust performance of retail property in recent years Perkin is
confident that the centre will continue to perform strongly as it offers the
products and services that the homeowner is looking for.
"The tenant mix reflects the comprehensive product options in the lifestyle and
home improvement market. The merchandise offering ranges from carpets and
curtaining to lighting and beds from 11 retailers together with two popular
destination restaurant tenants, most of whom are on five-year leases."
The centre, with a lettable area of 10 800m2 and ample parking, adjoins premises
occupied by Tile Afrika and Music Mate. Other neighbours are the Pineslopes
Office and Retail Centre, Hirsch Home Store and Fourways Value Mart.
Perkin says transfer is expected in December.
8 November 2006
Sponsor: Nedbank Capital
Date: 08/11/2006 10:19:18 AM Produced by the JSE SENS Department
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