Industrial-focused property loan stock Pangbourne Properties said on Wednesday it had bought 18 industrial properties and an office building for R86m.

Pangbourne CEO Craig Hutchison said the new properties were less than 10 years old, were well-maintained and would enhance Pangbourne's portfolio.

The properties are all in Gauteng, with 14 in an industrial park in Jet Park, two in Linbro Village, one in Aeroport and an office building in Bryanston.

Although the new portfolio has a vacancy level of 9,8%, Hutchison said they had a rental guarantee on those vacancies for the first year after the transaction.

"We feel comfortable with that, and are confident that within a year we would let that vacant space," he said.

Hutchison said Pangbourne had already started letting space in the Bryanston office building.

He said that Pangbourne was working hard at acquiring further properties.

He said that the transaction was still subject to approval from the Competition Commission.

Business Day
 
Publisher: I-Net Bridge
Source: I-Net Bridge