Ingenuity Property Investments (ING) on Monday announced the acquisition of nine additional prime Cape Town properties for around R866m. Transfer is expected on September 1.
These fully tenanted retail and commercial properties include five buildings in Century City‚ two in Claremont and two in Tokai and will boost Ingenuity’s property portfolio to over R2bn.
The Century City properties, "which are all in prime positions", include the regional headquarters of Aurecon, which is "the first five-star green-star-rated building in South Africa".
The other Century City properties are IBM-tenanted Estuaries 1, Gateway, Mazars House, and the Virgin Active Health Club.
The properties were acquired from the Century City Property Investment Trust (CCPIT), the property investment arm of the directors of the Rabie Property Group, and their partners in the various developments.
Chief executive Arnold Maresky said the acquisitions would be financed by borrowings and a vendor placement of shares.
“These acquisitions‚ which give us a significant entry into the burgeoning Century City mixed-use precinct where total investment to date has exceeded around R18bn and which is continuing to outperform the market‚ will solidify our Western Cape focused investment portfolio‚” said Maresky.
