Tyger Manor Re­tail Cen­tre bought

The Star Early Edition - - COMPANIES - – Roy Cokayne

SPEAR, the di­ver­si­fied real es­tate in­vest­ment trust (Reit) that owns a port­fo­lio of West­ern Cape prop­er­ties and listed on AltX in Novem­ber, has agreed to ac­quire the Tyger Manor Re­tail Cen­tre in Bel­lville in Cape Town for R59.6 mil­lion. It is ac­quir­ing the prop­erty as­set from listed Ac­cel­er­ate Prop­erty Fund with the ac­qui­si­tion funded by debt fa­cil­i­ties and/or a ven­dor con­sid­er­a­tion plac­ing. Spear said the ac­qui­si­tion was in line with its strat­egy to in­crease its in­vest­ments in the Tyger­val­ley node and was at a yield of 9.31 per­cent, which was ac­cre­tive to share­hold­ers. It added that the prop­erty was in very close prox­im­ity to Spear’s ex­ist­ing prop­er­ties in the area and would al­low the com­pany to en­hance value to the prop­erty “given Spear’s acute un­der­stand­ing of tenant de­mands in the area”.

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