Metboard continues to increase its portfolio with sustainable industrial property assets underpinned by appropriate rental levels, says Estienne de Klerk, the executive director.
The company bought the Sturrock and Robson building in Meadowbrook to accommodate long-standing tenant Iliad Africa. The Hillclimb building, in Westmead, Durban, has been purchased for Metboard's tenant Peters Papers. Three adjacent fully let properties in Silvertondale, Pretoria, have also been acquired by Metboard. The properties contain industrial mini-units totalling 4000m².
In addition, in Maitland, Cape Town, Metboard is developing a 3|000m² building consisting of two 1|500m² portions, with one already tenanted. The company intends to build an additional 800m² of office space for a new tenant.
In other developments, Redefine Income Fund has disposed of its entire investment in Resilient Property Income Fund, Freestone Property Fund and Spearhead Property Group.
Redefine CEO Brian Azizollahoff says Freestone and Spearhead were disposed of as these holdings were not significant in Redefine's portfolio. The disposal of the Resilient units was part of Redefine's exit strategy from Capital Property Fund. The proceeds will be used to take advantage of opportunities in the direct property arena.
As a hybrid fund, with investment in both listed property securities and direct property, Redefine has refocused its holdings in favour of higher-yielding directly owned property over the past 18-months, and is weighted 57%:43% in favour of direct property ownership.
The value of Redefine's overall listed property portfolio has increased due to the general rerating of the sector.
"In the current market, Redefine will continue to adjust the weighting of its investments in favour of physical property to ensure that unitholders receive the benefit of the relative value offered by direct property."
The 27,00m² Southcoast Mall at Shelly Beach, KwaZulu-Natal, is being jointly developed by Hyprop Investments and Redefine Income Fund at a cost of about R196m. It should open in October, says Hyprop MD Pieter Prinsloo.
Business Day
Publisher: Business Day
Source: Inet Bridge
