Cape-based Fund bought a landmark property on KZN north coast

Posted On Tuesday, 25 April 2006 02:00 Published by
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Cape-based Paramount Property Fund have bought a landmark La Lucia Ridge property on the KZN north coast, the Standard Bank, for R38-million as a strategic acquisition.

Cape-based Paramount Property Fund have bought a landmark La Lucia Ridge property on the KZN north coast, the Standard Bank, for R38-million as a strategic acquisition.

This is the second time the property has changed hands in eighteen months through JHI Real Estate broker, Billy Latham. "The sale is indicative of the huge hunt and competition between funds for quality properties," says Latham. "There is very little stock on the market and funds need to grow," he says.

"This is the ideal property for a fund. It has a blue-chip tenant, is in a great position and is relatively new."

Director of Paramount Properties, Arnold Maresky confirmed this view.  "The deal is also in line with our strategic drive to build our Kwa-Zulu Natal portfolio."

Paramount has a diverse portfolio with property holdings of around R2.4-billion located mostly in Cape Town and Johannesburg.

The four-storey Standard Bank building was built in 2002 for Standard Bank's retail division and totals some 3300 of prime retail and office accommodation. It is situated behind Gateway Shopping Centre.

ends

Marshall Inc Communications

Kerry Osborne

031 563 2942 / 083 701 5592

This email address is being protected from spambots. You need JavaScript enabled to view it.


Publisher: Marshall Inc Communications
Source: Marshall Inc Communications

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