Ingenuity Property Investments acquire two properties in Claremont, Cape Town for R105m

Posted On Tuesday, 09 June 2015 17:58 Published by
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Ingenuity Property Investments acquire two properties in Claremont, Cape Town for R105m.

 

Arnold Maresky Ingenuity

Ingenuity Property Investments has entered into an offer to purchase with NPV Holdings (Proprietary) Limited to acquire the rental enterprises, including their improvements and leases, in respect to Toffee Lane and Claremont Central properties situated at Claremont, Cape Town.

Toffee Lane and Claremont Central properties comprise of retail and office components. The Acquisition will become effective on transfer which is expected to be on or about 1 August 2015.

The acquisition is in line with Ingenuity’s strategy to invest in value add opportunities and to acquire properties with further development potential. The Properties are adjacent to properties already owned by the Company and results in consolidating ownership of an entire strategically situated block, bounded by Main Road, Vineyard Road, Dreyer Street and Toffee Lane in Claremont. The additional bulk available on the Toffee Lane property is 4 042sqm .

The total consideration for the Acquisition is R105 000 000 and will be settled in cash, with the option to issue shares.

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