Ind­lu­place to spend R1.4bn on prop­er­ties

The Star Early Edition - - LIFESTYLE - – Roy Cokayne

IND­LU­PLACE Prop­er­ties, the listed res­i­den­tial prop­er­ty­fo­cused real es­tate in­vest­ment trust, has en­tered into ne­go­ti­a­tions to ac­quire a port­fo­lio of 2 900 res­i­den­tial prop­er­ties, or part of the port­fo­lio, for about R1.4 bil­lion. The com­pany said yes­ter­day that 96 per­cent of the port­fo­lio was in Gaut­eng. It said the pro­posed ac­qui­si­tion in­cluded rights to ac­quire a fur­ther pipeline of prop­er­ties that were be­ing de­vel­oped or re­fur­bished. Ind­lu­place said the pro­posed ac­qui­si­tion re­mained sub­ject to the sign­ing of for­mal agree­ments. The pro­posed ac­qui­si­tion was in line with the com­pany’s strat­egy to grow its port­fo­lio through ac­quir­ing yield­en­hanc­ing prop­er­ties that pro­vided in­come from the first day of ac­qui­si­tion. It ad­vised share­hold­ers to ex­er­cise cau­tion when deal­ing in the com­pany’s shares un­til a fur­ther an­nounce­ment was made about the pro­posed ac­qui­si­tion.

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