Tyger Manor Retail Centre bought
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”.