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Property group SA Corporate Real Estate Fund has bought the Ridge Shopping Centre for R42.5 million from Capital Property Fund, it said on Monday.

Acquisition will further increase SA Corporate’s retail portfolio, which is due to be boosted through the imminent acquisition of all the SA Retail linked units in issue

SA Corporate Real Estate Fund has announced that its offer to the linked unit holders of SA Retail Properties Limited will be supplemented with a cash alternative.

SA Corporate Real Estate, formerly Martprop Property Fund, said yesterday it increases its distributions for the five-months to 18% to 12c to December

Martprop Property Fund commenced trading on the JSE under the new name of SA Corporate Real Estate Fund from Monday, December 11.  The JSE share code will be SAC and the abbreviated name SA Corp.

Listed property unit trust Martprop Property Fund said yesterday it had acquired a Johannesburg value retail centre for R104m at an initial yield of 9,1%.

Martprop, soon to be renamed SA Corporate Real Estate Fund, has bought the Forest Road Design and Décor Centre in Pineslopes, Fourways for R104 million at an initial yield of 9,1%.

Listed property unit trust Martprop Fund said on Tuesday it had acquired both an office and an industrial property in Gauteng for a total outlay of R65,5m. 

Strong property fundamentals were continuing to boost retention of tenants with expiring leases in Martprop’s R2,6 billion portfolio, managing director Roger Perkin said today. “The firm demand for quality, well located assets has pegged vacancies in the portfolio at 1,5%,“ he said. “It is also underpinning retention of expiring leases at above 80%. “

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.