Vividend
2011-09-08 · General Property News
Newly listed Vividend Income Fund – headed by the former CEO of local forex business Master Currency, Ari Jacobson – augmented its Western Cape portfolio exposure with, of all things, a shopping centre in Beaufort West.
Vividend paid R39 million for the Beaufort West Shopping Centre, which apparently will offer a rather nifty yield of 11.3%.
To date Cape Town-based Vividend’s only other Western Cape property has been the Gradner Street building in Central Cape Town, which was acquired for R55 million.
The Beaufort West shopping centre is a relatively new development, having been completed in late 2007. It holds mainly small trading formats with four major tenants - Pick n Pay being the anchor tenant.
It will be interesting to see whether Vividend targets more properties in small centres around the Western Cape during its portfolio building phase.
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