In a BEE transaction with the Mia Family Trust, ApexHi Properties Limited has acquired 25 office, retail and industrial properties for more than R350-million at an average forward yield of 11,3%.

The transaction, which is subject to Competitions Commission approval, will be settled by way of issuing 10,590,191 A, B and C units.

ApexHi MD David Rice says following this transaction, the company has exceeded its target of acquiring R1-billion in properties in this financial year. “Since 1 July 2006, we have acquired 48 properties for R1,15-billion. We have also sold 56 buildings, previously valued at R351,7-million, for R445,4-million,” he says.

Rice says once all the transfers have taken place, the total value of the ApexHi portfolio will be about R8,5-billion, comprising 433 buildings with a total gross lettable area (GLA) of 2,773,000m2.

The properties in the Mia portfolio, which add 115,000m2 to the total GLA of the portfolio, are situated across the country in Gauteng, Kimberley, Polokwane and Harrismith and are largely occupied by A-grade tenants such as Government, Woolworths, Edgars and other national retailers.

The newly acquired retail properties include Monument Mall in Krugersdorp; Edenvale Shopping Centre in Edenvale; Tseles Centre in Soweto; and the WB Building in Kimberley. Major office properties in the portfolio include Veritas and the ICD Building in Pretoria; a number of SAPS offices in Benoni and Parktown and GCICC in Germiston.

“The properties acquired fit well with the existing ApexHi portfolio, both in terms of location and type of building. The vacancy is only 4,4% and some of the 179 leases in the portfolio only expire after 10 years,” says Rice.

 
Ends

 
For further information:

David Rice
ApexHi
(011) 283-0150

 
Issued by:
Sandra Mason
The Comms Department
083 325 3750