ApexHi acquires new properties

Posted On Tuesday, 17 September 2002 10:01 Published by eProp Commercial Property News
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Property loan stock company ApexHi has added four properties valued at R120,8m to its portfolio, it said yesterday

Brian AzizollahoffThe group is working towards a target R2,5bn property asset base set for June next year, from R1,7bn reported yesterday.

The four properties in question will provide an additional area of 52804m², boosting ApexHi's total lettable area to just over a million square metres.

ApexHi MD Brian Azizollahoff said that in growing the ApexHi portfolio, the company aimed to sustain income, reduce risk and improve its lease expiry profile.

He said the growth in the portfolio had resulted in an improved average length of lease from three years to four years.

ApexHi's linked unit price welcomed the news of the acquisition with a gain of 3%, or 20c, to close at 675c yesterday.

The four newly acquired properties include Jewel City, a 29876m² office building located in the Johannesburg central business district (CBD).

Azizollahoff said Jewel City was 100% occupied by diamond dealers and jewellery manufacturers and wholesalers.

The other property is called Sage Towers, also located in the Johannesburg CBD, with a gross lettable area of 14071m².

Occupied by the Gauteng transport department, Sage Towers is also 100% let with a lease that extends to 2006.

The third property is the Vineyard in Stellenbosch, with a gross lettable area of 7113m², which is occupied by Consol Glass, Control Instruments, Corobrik and Glenrand MIB.

The last one is a 1744m² retail development in Vereeniging called Nedbank Centre.

Azizollahoff said 70% of ApexHi's income was derived from 'Agrade' tenants such as major JSElisted companies, government departments and parastatals.

He said ApexHi's portfolio was spread across nine provinces with more than 2500 tenants.

ApexHi recently established a trust called ApexHi Manco Trust, which assumed asset management roles from Corpcapital Bank. Corpcapital, however, retained a 51% interest in the trust. The other shareholders were Mvelaphanda Holdings and ApexHi management.

Azizollahoff has said the main objective was to introduce an empowerment element.

Last modified on Wednesday, 23 April 2014 12:45

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