Ascencia opens Mauritian doors

Posted On Wednesday, 11 February 2009 02:00 Published by
Rate this item
(0 votes)
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

Most Popular

Residential property market gathering momentum, says Eazi Real Estate

Nov 18, 2020
In this last quarter concluding in December 2020, the residential property market…

Lockdown impacts buying trends of generations of home buyers

Nov 15, 2020
The Covid-19 pandemic and lockdown has been a catalyst for highlighting the different…

Second-hand shopping is being revolutionised and expanding the circular economy

Nov 18, 2020
EPP CEO_Tomasz Trzoslo
Conscious consumers are championing the resale of goods to reduce waste and extend the…

Pam Golding Properties awarded Best Real Estate Agency in South Africa in International Property Awards

Nov 18, 2020
IPA Awards Pam Golding Properties 2020 - 2021
Competing against real estate companies from around the country, this is the 14th year…

SA commercial real estate delivers in excess of 12% yield on equity

Nov 18, 2020
Steven_Brown (1)
A silver lining amongst the many dark clouds dominating South Africa’s current economy…

Please publish modules in offcanvas position.