The properties, which were sold on auction at a yield of 10,7% were predominantly small properties valued at between R2-million and R30-million, located mainly in outlying areas such as
Alberton, Bloemfontein, Brits, Paarl, Kimberley, Klerksdorp, Port Elizabeth, Stellenbosch, Uitenhage, Edenvale and Johannesburg.
The disposals represent 72 055m2 of lettable area, 50% of which is retail space and 43% office space.
ApexHi MD David Rice says the disposals are yield enhancing and allowed the company to take advantage of the satisfactory prices achieved by the sales.
“ApexHi assesses the portfolio on a regular basis to identify properties that no longer meet its investment criteria. We have taken a view on certain geographical nodes where we see limited growth potential, and are actively seeking to reduce our exposure to these areas,” he says.
All the sales were unconditional, and some of the properties have already been transferred, with the balance of the transfers expected in the near future.
