Nick Wilson

Property Correspondent

LISTED property loan stock company iFour Properties said yesterday it would acquire a R32,9m new industrial property called Pelican Park.

The company said the acquisition was in line with its objective of growing the size of its property portfolio and maintaining its quality.

IFour said the new property was situated in the industrial Jet Park area near Johannesburg International Airport.

The company said the property was in a "growth node" where there was "continuous demand for space and good freeway access". IFour said the complex was fully let.

IFour’s wholly owned subsidiary, Sipan, would acquire Pelican Park from iFour’s sister company, Pangbourne Properties, in a related- party transaction.

Pangbourne owns about 49,12% of the issued capital of iFour.

The industrial complex consists of nine units with a gross lettable area of 11191m².

Listed property loan stock company Pangbourne has also been on the acquisition trail of late.

Last month Pangbourne said it had concluded its largest property transaction since its inception in 1987. Pangbourne said it would be acquiring a portfolio of properties for R1,4bn.

At the time Pangbourne said the purchase of the 48 properties from Transnet Retirement Funds Property Trust was yield-enhancing for Pangbourne distributions and would improve its portfolio quality.