ApexHi to relocate to Redefine's newly acquired 2 Arnold Road

Posted On Thursday, 15 April 2004 02:00 Published by eProp Commercial Property News
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Pretoria - ApexHi Properties, a property loan stock company, would relocate soon to Corpcapital's old business in Rosebank, said Brian Azizollahoff, the chief executive of Redefine.

 

Brian AzizollahoffRedefine, the listed property income fund and one of the controlling shareholders of ApexHi, last week acquired the Rosebank corporate head office of financial services group Corpcapital for R22.5 million. Corpcapital has been winding down its business since last year.

The purchase follows the acquisition of the property division of Corpcapital by Madison Property Fund Managers, one of Redefine's asset managers.

Azizollahoff said 2 Arnold Road was about 4 000m2 of fully furnished office space over three floors and was served by three levels of covered parking.

"The purchase of the building has enhanced Redefine's portfolio and it has enabled the Madison asset managed property funds to be located together in a single magnificent building. 


"This acquisition offers extremely good value and represents a rewarding prospective forward yield," he said.

The property was well located within one block of all commercial facilities in Rosebank and would be transformed into a multi-tenancy environment but would retain its high-quality ambience and facilities for tenants, including seven equipped meeting and board rooms.

The building was already occupied by Redefine together with its asset managers Madison Property Fund Managers and Prima Property Trust, he said. The remaining space would be leased to businesses wishing to be situated in prime space and complementary to existing tenants.

In terms of the agreement, Corpcapital would occupy a minor portion of the building until the end of the year at the latest.

Redefine lost 2c to R2.69 and Corpcapital was unchanged at 59c. The real estate sector improved by 1.35 percent.

Last modified on Saturday, 10 May 2014 09:23

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