Listed property loan stock company iFour Properties says that its disposal of properties worth R109,96m is part of a rationalisation strategy aimed at getting rid of smaller properties in areas where the company does not have a "big footprint".
The company announced last week it was selling 11 properties as going concerns. "The transaction is in line with iFour's strategy of disposing of properties which no longer meet its investment criteria," said iFour.
"Our (property) portfolio has grown from 48 buildings worth R700m to 104 buildings worth R2,2bn," said iFour CEO James Nunes.
"This is just a natural rationalisation of some of the smaller buildings ... these were some office buildings, some industrial, one little retail centre.
"We are taking smaller buildings in locations where we are unlikely to get a big footprint and we've been selling them," said Nunes.
IFour was "looking at some property acquisitions" at the moment. He said the company would probably be looking at acquiring property worth about R500m over the next year. "These would be a mixture of properties."
IFour's aim was to obtain properties that complemented its existing strategy, which was to invest in retail centres that dominated their catchment areas, Nunes said.
Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge
