Ascencia opens Mauritian doors

Posted On Wednesday, 11 February 2009 02:00 Published by
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South Africans will have an opportunity to invest in the Mauritian commercial property market through the newly listed Ascencia.

SOUTH Africans will have an opportunity to invest in the Mauritian commercial property market through the newly listed Ascencia, the first commercial property fund in Mauritius.

Ascencia, which was listed on the development and enterprise sector of the Mauritian bourse in December, was started by Mauritian company Cim Asset Management, a subsidiary of Rogers & Co, and Grapnel Property Group.

Justin Bass, director of Grapnel, says: “The economy of Mauritius has been diversifying to high value-added sectors and its well-capitalised and profitable banking sector supports growth.”

While the country has not been immune to the world financial crisis, he says its recent strong economic growth and stabilising inflation outlook mean that the Mauritian rupee is likely to maintain its stability following recent appreciation against the rand, sterling and dollar.

“A limited availability of suitably serviced and zoned sites means that existing properties are ideally placed for market demand, as are new commercial business parks planned around key residential areas,” says Bass.

Mauritius’s property environment is characterised by hotel developments, office, industrial and retail properties concentrated around major commercial areas.

Ascencia’s investment portfolio consists of 10 income-earning properties in the capital of Port Louis and in suburban centres along the commercial axis of the island.

The fund holds seven retail properties, including two shopping centres, two office buildings and an industrial park. The carrying value is 1,32-billion rupees, contributing to Ascencia’s enterprise value of 1,5-billion rupees (about R450m).

The Rogers group is the third-largest conglomerate in Mauritius and was established in 1899. Grapnel is one of SA’s top property firms. It managed the Sycom Property Fund until 2006, when it sold the fund management company.

Subsequently, Grapnel assembled and listed Hospitality Property Fund in February 2006.

Source: Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge

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