Redefine purchases A-grade Cape centre.

Posted On Friday, 04 July 2003 02:00 Published by eProp Commercial Property News
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Property loan stock company Redefine Income Fund said yesterday that it had bought the Standard Bank Centre on Cape Town's foreshore for R218m.

Brian AzizollahoffThe purchase of the 53800m² A-grade centre would be settled by a combination
of Redefine units and cash. It represented a purchase yield of 13,31%.
Redefine CEO Brian Azizollahoff said the transaction was "income enhancing"
and part of the company's strategy to acquire good quality property assets.
He said almost 90% of the lettable area of the centre comprised blue chip
tenants.
Azizollahoff said the foreshore was one of Cape Town's prime commercial and
tourism nodes, with recent developments including the new Cape Town
International Convention Centre.
His company, which issued a trading update on Sens yesterday, reported a
"material reduction" in income from some of its listed entities for the
quarter ended 31 May 2003.
These included Arnold Property Fund and Rand Leases Properties. The
management has appointed Coronation Property Investments as new managers of
A-Prop and embarked on a concerted letting campaign in relation to vacant
space within the property portfolios.
It has also reduced the anticipated distributions from A-Prop and Rand
Leases and revised the projected net income from the property portfolios.
The interest distribution to Redefine linked unitholders for the quarter
ended 31 May 2003 has been reduced to 6,25c a linked unit.
The distribution for the quarter ending 31 August 2003 is projected to be
not less than 6,25c a linked unit resulting in a projected annual
distribution for this year of 29,5c a linked unit, down from 37c the

Last modified on Monday, 12 May 2014 14:31

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