Firm buys 3 prime CT properties

Recently relisted South African property investment and development company SA REIT (SAT) has acquired three additional prime properties in Cape Town for a total of R70m.

This boosts the value of its portfolio of primarily Western Cape-based properties to more than R440m.

The new acquisitions comprise a piece of land zoned for office and residential development in the heart of the Tyger Valley Waterfront, an investment property in Airport Industria occupied by the Coin Security Group and the Virgin Active building in the Cape Town CBD, the company said in a statement on Tuesday.

CEO Arnold Maresky said all three properties had been acquired in line with SA REIT's stated objective of building a portfolio which provides both prime investment and development potential.

The three latest acquisitions, he said, had been funded through existing resources and bring to 13 the number of properties in the portfolio of SA REIT, formerly Shops For Africa, which was recapitalised and relisted on the JSE in October last year.

The existing portfolio also comprises nine commercial and industrial properties in the Western Cape, including three other re-development opportunities in the Cape Town CBD, and one in Port Elizabeth. – I-Net Bridge

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