ApexHi buys five retail buildings for R95m

Posted On Thursday, 08 June 2006 02:00 Published by
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Listed property loan stock company ApexHi Properties has increased the retail component of its property portfolio with the acquisition of five buildings from Sanlam Life Assurance for R94,5m
By Nick Wilson

Listed property loan stock company ApexHi Properties has increased the retail component of its property portfolio with the acquisition of five buildings from Sanlam Life Assurance for R94,5m.

ApexHi executive director Deon Feinblum said yesterday the acquisitions had increased ApexHi's total portfolio to 438 buildings, worth R5,5bn.

Retail previously comprised 40% of ApexHi's portfolio, with offices making up 44% and the remainder being industrial properties.

Since July 1 last year the weighting of the retail portfolio increased to 43%. The office component decreased to 39%.

Overall vacancies decreased from 11% previously to 9% this year.

Feinblum said the acquisitions were primarily retail properties with low vacancies of 2,2%.

ApexHi had decided to increase its retail property exposure because "retail has done well for us".

The vacancy rates in retail properties in secondary outlying areas were low and the centres were well positioned in their communities. There was high foot traffic through the centres.

"These are mainly smaller shopping centres in outlying areas such as Aliwal North and Rustenburg," said Feinblum.

He said national retailers were trading well and there was still room for growth.

"A lot of national retailers are looking for new stores for new brands they are bringing out," said Feinblum.

The total gross lettable area of the five acquired properties is 26581m².

With one month to go to the financial year-end, ApexHi has added 194 properties to its portfolio this year and increased the value of the portfolio by R1,4bn.

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

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