Listed property company Pangbourne Properties Limited (PAP), has purchased a 1.4 billion rand property portfolio from the Transnet Retirement Funds Property Trust (TRFPT) in a transaction mainly financed by Absa Commercial Property Finance (Absa CPF).
 
Pangbourne will acquire a portfolio of 48 properties from the TRFPT. Six of these properties, valued at 505.2 million rand, are primarily retail properties and have been re-sold to Siyathenga Property Fund Limited in which Pangbourne holds a 43 % stake.
 
The purchase price has been settled by the issue of units and by way of loan finance, 574 million rand of which has been provided by Absa CPF.
 
In addition to its investment in Siyathenga Property Fund Limited, Pangbourne owns a 49% stake in iFour Properties Limited and a 1.7 billion rand property portfolio comprising 283 properties in the retail, commercial and industrial sectors, located mainly in metropolitan areas.
 
The transaction will result in Pangbourne's properties under management increasing to 6.2 billion rand.

I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge