Liberty buys 25% share in Melrose Arch
Melrose Arch Investment Holdings (MAIH) has sold a 25% undivided share in the yield producing assets of the Melrose Arch Precinct to Liberty Group, a wholly-owned division of Liberty Holdings.
"We are excited to include Melrose Arch in our portfolio of premium quality assets. The new partnership will enable us to maximise the long-term sustainable investment performance of this quality asset," says Amelia Beattie, chief investment officer, Stanlib Direct Property Investments, the asset managers for the Liberty Property Portfolio. "We continue to look for opportunities to re-balance, upgrade and restructure the portfolio to support the investment strategy of delivering on the benchmark of CPI plus 5% per annum over a rolling five-year period."
Melrose Arch is a high quality mixed-use precinct situated in the northern suburbs of Johannesburg with a floor space of 200,000 m2 of high-end tenants.
James Wilson of Amdec, the holding company of MAIH, notes, "We are delighted to welcome Liberty as our new partner at Melrose Arch. This transaction will allow us to complete the remainder of the Melrose Arch development within the next five years. We are excited about the potential opportunities that could develop through this new relationship."
The transaction is subject to the approval of the South African competition authorities.
