Property purchases show 'ingenuity'

Ingenuity Property Investments on Monday (7 April) said it had bought nine prime Cape Town properties for R866m. Transfer is expected on 1 September.

These fully tenanted retail and commercial properties include five buildings in Century City‚ two in Claremont and two in Tokai and will boost Ingenuity's property portfolio to over R2bn.

Chief executive Arnold Maresky said the acquisitions would be financed by borrowings and a vendor placement of shares.

"These acquisitions‚ which give us a significant entry into Century City mixed-use precinct where total investment to date has been around R18bn and which is continuing to outperform the market. It will help to solidify our Western Cape investment portfolio‚" said Maresky.


 
For more, visit: https://www.bizcommunity.com