Fairvest Property Holdings Acquires Nyanga Junction Property for R58m

Posted On Wednesday, 30 January 2013 08:49 Published by eProp Commercial Property News
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Fairvest Property Holdings Acquires Nyanga Junction Property for R58m.

Fairvest Property HoldingsThe Nyanga Junction Acquisition is consistent with the Company's growth strategy whereby the Company will focus on acquiring retail assets with a weighting in favour of non-metropolitan areas and lower LSM sectors.

Situated at the Nyanga train station, the Nyanga Junction Property is a prime example of commuter retail. At 10,079 square meters, the centre is the right size for its target market and presents an opportunity for Fairvest, to further its growth in the lower LSM retail market.

Management is of the view that by undertaking a phased upgrade of the centre, the centre will attract a greater percentage of national tenants resulting in an improvement in the tenant profile as well as the lease expiry profile which has been managed by the current owner to enable the redevelopment of the centre.

The Company will fund the purchase consideration through debt and/or equity funding.

Last modified on Friday, 18 April 2014 13:12

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