Paraprop increases portfolio

Posted On Friday, 21 October 2005 02:00 Published by eProp Commercial Property News
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Paramount Property Fund has announced the acquisition of 11 new properties with a total value of 839-million rand

Property-Housing-ResidentialListed property loan stock company, Paramount Property Fund (Paraprop, PRA), has announced the acquisition of 11 new properties with a total value of 839-million rand.

This takes the size of Paraprop's property portfolio to just under two billion rand - a 66% increase - and its market cap to over one billion rand.

Paraprop MD, Rodney Squire-Howe, said: "It has been our medium-term objective to grow Paraprop from being one of the smaller funds on the listed property sector to being a 'mid-cap' fund. These acquisitions are an excellent investment and a good mix of office, retail and industrial properties. The investments range from high-profile, blue chip properties to those where we believe we can add some value, to solid long-term lease cash-flow streams."

Squire-Howe added that it was not an easy task to acquire assets in the current active property market and that the team have been working on these for a long time.

"Coincidentally, the deals have all come together over the past few weeks, enabling us to make one big announcement," he added.

 

Last modified on Monday, 05 May 2014 11:45

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