Martprop to attract international investment

Posted On Tuesday, 01 August 2006 02:00 Published by eProp Commercial Property News
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Old Mutual Property Group, which owns 32% of listed property unit trust Martprop and also manages the fund, aimed to substantially increase the size of the fund over the next three years, said Martprop MD Roger Perkin.

Property-Housing-Residential

Subject to final approval by the JSE, the fund would also change its name to SA Corporate Real Estate Fund — to “convey to the market it is a South African fund positioned for international investment,” he said.

Perkin said the plan was to grow the fund so it would be ranked among the top three counters in the listed property sector.

He said Martprop’s market capitalisation was just more than R2bn and the portfolio value just more than R2,3bn.

“We are looking to grow the assets to R10bn in the next three years.

“This will position the fund to attract international capital,” said Perkin. “We will change the name as soon as the JSE gives final approval.” This would probably be on September 1, he said.

Perkin said there would be specific acquisition activity for the fund soon. “But there is nothing we can announce at this stage,” he said.

Martprop has changed its year-end to December.

Last modified on Tuesday, 06 May 2014 11:02

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