Cape Town – Spear REIT Limited  on Tuesday the 21st of November announced the acquisition of Northgate Island Corporate Office Park “Northgate Park” from Tremtrust 1 Trust comprising of 30% of block 1 and 100% of blocks 2, 3 and 4 of the property for R 313 000 000.

“Spear’s assets under ownership of its core portfolio have increased 117% since the start of the 2018 financial year. The strong performance of the core portfolio stands testament to the value investing nature of management and ability to actively manage assets that generate yield-enhancing returns for shareholders” – CEO Mike Flax.

Regionally-focused JSE main board-listed property group Spear REIT Limited has acquired several new properties which fit their mandate of investing in high quality real estate based within Western Cape growth nodes.

Spear REIT Limited has declared a first dividend of 16.75% over their forecast in the company’s first set of financial results since listing on the Johannesburg Stock Exchange in November last year.

Redefine Properties has successfully let all the remaining vacant space in its prestigious Century City portfolio

Redefine executive director responsible for operations, David Rice says 84% of the leases that expired in the first six months of the financial year were renewed, and he expects a similar retention rate for the next six months

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