| Tue 12 Dec 2006, 13:15 | | AEC- Anbeeco - Press Release - Anbeeco acquires a |
|
AEC
AEC
AEC- Anbeeco - Press Release - Anbeeco acquires a piece of the property action
ANBEECO INVESTMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1984/002788/06)
Share code: AEC & ISIN code: ZAE000000162
("Anbeeco" or "the company")
PRESS RELEASE
ANBEECO ACQUIRES A PIECE OF THE PROPERTY ACTION
Anbeeco Investment Holdings Limited has announced its acquisition of A Million
Up Investments 105 (Pty) Limited, owner of a prime Cape Town property. The
company has identified property as an ideal growth opportunity, looking to take
advantage of this industry`s massive potential and the opportunities presented
by the exponential growth in tourism.
Anbeeco`s Board of Directors will include Gary Itzikowitz and Chaim Cohen whose
years of experience in the property industry includes expertise in the
residential, leisure , retail, industrial and commercial property markets as
well as property development.
"We are launching with a prime property, and intend to keep quality the critical
component in this boutique property development and investment company," said
Gary Itzikowitz, CEO of Anbeeco Investment Holdings Limited. Anbeeco will
undergo a name change to Quantum Property Group Limited, and plans to transfer
its listing to AltX and to grow its asset base to become a fully diversified
property company, striving to innovate and keep ahead of the market.
The Company is firm in its belief that property and tourism offers the greatest
opportunities to grow wealth. Considering continued growth in international
tourism figures, the increased number of flights into the country from new
markets such as the United States, Europe and the Middle East, and the exposure
that South Africa is receiving due to 2010, Anbeeco foresees a sustained
increase in demand. "Not only have we found the ideal property, but the timing
is perfect to take advantage of the opportunities that the market currently
presents," added Itzikowitz.
The newly acquired property, situated on 5,200m2 grounds, spans the corner of
Grey`s Pass and Orange Street, is located in the cultural hub of the city centre
and is beautifully framed by Table Mountain. Situated besides the Planetarium,
and the Company Gardens, it is an impressive position. The property is about to
be redeveloped into a R420 million 5-star luxury hotel, with exclusive penthouse
apartments and a boutique retail centre. High net worth individuals and
corporates will be offered an exciting opportunity to invest in the development
and own one of the exclusive penthouse apartments or a luxury hotel suite.
The property is being developed for Anbeeco, by Newcity Group, renowned for its
high-end, quality developments, and most recently for The Emperor, a superb
state-of the-art residential development in Sandton, Johannesburg. Partners on
the project include ABSA Commercial Property Finance and Protea Hospitality
Corporation, an operator which comes with vast experience and rallies confidence
in the market. This hotel will be the flagship hotel for Protea`s luxury five-
star brand, African Pride Hotels, Lodges and Country Houses, which boasts an
impressive portfolio of fine South African hotels.
-ends-
Date: 12/12/2006 13:15:01 Produced by the JSE SENS Department.
