Pangbourne bulks up with R125m purchase

Posted On Wednesday, 01 June 2005 02:00 Published by eProp Commercial Property News
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Pangbourne said yesterday it would be buying a portfolio of 15 properties for R125m.

Craig HutchisonListed property loan stock company Pangbourne Properties, which has been on the acquisition trail lately, said yesterday it would be buying a portfolio of 15 properties for R125m.

The company said the transaction was in line with its strategy of acquiring quality properties which "contribute to consistent growth in distributions".

This is the company’s third acquisition worth more than R100m since March.

Pangbourne announced in March that its wholly-owned subsidiary Newshelf 765 purchased Pineslopes retail centre in Fourways and a commercial office building at Rivonia Boulevard, Johannesburg, for R174,9m. In the same month Pangbourne also announced it would be buying Crescent Retail Centre in Umhlanga Rocks for R176,1m in cash.

Pangbourne said its latest acquisition from fellow listed property loan stock company Paramount Property Fund would be settled in cash by using Pangbourne’s banking facilities.

The company also renewed an earlier cautionary notice saying it was still considering corporate action, which may have a "material effect on the traded price of the company’s combined units".

Last modified on Wednesday, 07 May 2014 12:50

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